by: xpoolPosted on:

Former Bank of China Executive Proposes RMB-Backed Stablecoin to Counter USD Dominance

Wang Yongli, a former Vice President of the Bank of China, has proposed the issuance of an offshore RMB stablecoin as a response to the rapid growth of US dollar-backed stablecoins. His proposal emphasizes the need for improved cross-border payments using the Chinese yuan, highlighting China’s strategic shift in international finance. ]

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