China pays closer attention to stablecoins as cross-border role expands
A senior PBOC official called for closer monitoring, stronger regulation and international coordination as stablecoins gain importance in global payments.
China’s central bank is paying closer attention to stablecoins as privately issued digital currencies take on a potentially larger role in the international monetary system and cross-border payments.
Wang Xin, director general of the Research Bureau at the People’s Bank of China (PBOC), urged authorities to closely monitor the impact of stablecoins while improving international coordination and regulation, Chinese news outlet The Paper reported on Wednesday.
“We also need to pay attention to several new areas, such as whether stablecoins will play a more important role in cross-border payments, and how regulation, international coordination and cooperation should proceed,” Wang reportedly said, according to a machine translation.