Chinese Officials Propose East Asian Stablecoin

2020-5-22 05:40

Chinese officials proposed a regional stablecoin backed by four major Asian currencies. The proposed digital currency is meant to stimulate trade between China, Japan, and Korea.

A Cross-Border Currency

Shen Nanpeng, a member of the Chinese People’s Political Consultative Conference and a global managing partner at Sequoia Capital, proposed the digital currency during a national session on Thursday, May 21.

The stablecoin would be backed by a basket of currencies, including the Japanese yen, Korean won, Chinese yuan, and Hong Kong dollar.

Though the currencies are not explicitly built on a blockchain, nor are they technically a cryptocurrency, digital currencies of this type are often compared to stablecoins such as Tether and USDC. Like stablecoins, a national digital currency maintains price parity with its backing.

Purpose of the Stablecoin

The proposed stablecoin is meant to facilitate cross-border transactions in the region. The proposal would reduce currency conversion costs, improve transaction settlement times, and serve as a test case for other national digital currencies. The stablecoin will also assist with economic recovery in the aftermath of the COVID-19 crisis by stimulating trade, said the proposal.

China’s Other Efforts

This currency appears to be distinct from China’s central bank digital currency (CDBC), which has been under development since 2017. Efforts to create a CDBC are led by the People’s Bank of China, which is only mentioned as a potential supervisor and collaborator for the regional stablecoin.

The report considers this basket of currencies a “test case” for China’s CDBC and notes that the stablecoin would be “seamlessly connected” to the CDBC. In any case, it will take time to develop the new digital currency.

In the initial stages, the groups responsible will test the stablecoin in a regulatory sandbox, build-out a custody system, and improve cooperation between Hong Kong and the Chinese mainland.

The post Chinese Officials Propose East Asian Stablecoin appeared first on Crypto Briefing.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Chinese Yuan (CNY) на Currencies.ru

$ 483887.55 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 0.00 %
Cегодня L: $479147.72 - H: $483887.55
Капитализация $0 Rank 99999
Цена в час новости $ 64677.16 (648.16%)

chinese asian stablecoin officials east currency proposed

Источник: cryptobriefing.com

chinese asian → Результатов: 56


Фото:

State-sponsored Chinese hackers have been targeting Southeast Asia since 2013

Researchers have revealed a previously undocumented threat actor of Chinese origin that has run at least six different cyber espionage campaigns in the Southeast Asian region since 2013. The research — disclosed by Palo Alto Networks’ threat intelligence team Unit 42 — linked the attacks to a group (or groups) it called PKPLUG, named after its tactic of delivering PlugX malware inside ZIP files, which are identified with the signature “PK.

2019-10-4 15:23


Фото:

A Major Chinese State-Run Media Organisation Labelled Bitcoin a “Safe Haven Asset”

The legal status of cryptocurrencies in China is a controversial topic. Yet, the Asian country is one of the most developed nations in the field of blockchain. This might change after a major Chinese state-run media went against all the opinions of the government by publishing a financial study that highlights the potential of alternativeRead MoreRead More.

2019-6-30 15:00


Фото:

A Major Chinese State-Run Media Organisation Labelled Bitcoin “Safe Haven Asset”

The legal status of cryptocurrencies in China is a controversial topic. Yet, the Asian country is one of the most developed nations in the field of blockchain. This might change after a major Chinese state-run media went against all the opinions of the government by publishing a financial study that highlights the potential of alternativeRead MoreRead More.

2019-6-30 15:00


AlphaNu ICO

AlphaNu is a platform and marketplace which facilitates subscriptions of powerful trading algorithms created by the top Wall Street developers. There is a large discrepancy in the growth of trading automation in China; only 5% of trading volume is executed by computers, compared to 85% for US equities and futures trading.

2019-6-18 01:23


China Dominates Stablecoin Crypto Appetite with Over 50% of Global Trading

By CCN: Chinese trading and stablecoin volume account for over half of the transactions sent and received by known parties, in the entire world, according to the latest issue of Diar. China Dominates Global Tether, Crypto Trading Trends Previous research showed certain Western countries far in the lead as far as Bitcoin exchange transaction volume.

2019-6-6 12:13


AOFEX Exchange Released Chinese Version, Could NSO Trading Succeed Heading to Asian Market?

Headquartered in London, UK, AOFEX is the leading digital asset exchange with non-standardized option trading and opens to users around the world. The current ecosystem has over 100,000 members. On May 26th, AOFEX Exchange released the Chinese version on both website and APP, which means AOFEX is officially entering the Asian market.

2019-5-28 16:25


China Looks to Finally Regulate Crypto Industry in What Appears to be a Momentous Moment

Just a few years back, China pretty much dominated all of the world’s cryptocurrency trading and mining markets— with nearly 75% of the entire planets’ mining coming from the Asian powerhouse. However, all of that changed in 2017, when the Chinese government put in place a series of bans that suddenly toppled the nation’s burgeoning […]

2018-10-30 20:05


дальше еще 7 новостей →

Партнеры Currencies.ru

Аналог Notcoin - Blum - Играй и зарабатывай Монеты



Реклама на Currencies.ru

Самое свежее на Currencies.ru

ONI DEX Debuts Multi-Chain Ecosystem, Launchpads

ONI DEX, a trailblazing decentralized exchange, is proud to announce its launch on multiple blockchains, including GALA Chain, Binance Smart Chain (BSC), and Ethereum. The platform aims to revolutionize the DeFi space by offering a comprehensive ecosystem that includes launchpads, unique earning opportunities, and a dedicated gaming category.

Sky Mavis says $5.7M recovered from $600M Ronin exploit

Sky Mavis retrieved $5.7M from the Ronin bridge hack, with 85% of recovered assets set to be deposited into the Axie Infinity treasury. The post Sky Mavis says $5.7M recovered from $600M Ronin exploit appeared first on Crypto Briefing.