China Eyes Yuan-Backed Stablecoins as Policy Shifts

China is exploring the possibility of authorizing yuan-backed stablecoins, potentially signaling a significant policy shift in digital currency regulation. This move comes after years of stringent cryptocurrency restrictions, and its impact on global currency markets could be substantial. The decision to authorize such stablecoins awaits approval from senior Chinese government officials, with evaluations currently underway. Experts anticipate this development might alter the landscape of international finance.