The Chinese government should explore stablecoins and consider launching a yuan-pegged cryptocurrency, according to researchers from the People’s Bank of China (PBoC).
The comments were made in an op-ed published on Tuesday in CN Finance, a bi-weekly magazine by the Chinese central bank. Co-authored by PBoC researcher Li Liangsong and a professor from Fudan University, “A Brief Analysis of Stablecoins” looks into the recent development of stablecoins, noting that the majority of them are US dollar-backed. The article features names such as the Winklevoss’ Gemini Dollar (GUSD) and the Paxos Standard (PAX), both launched in September.<...>
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