According to a report by Reuters on Friday, Shanghai regulator, the State Asset Supervisory Board (SASAC), recently held a meeting with dozens of government officials to consider a “strategic response” to digital assets, including stubcoins.
The report highlighted the importance of such “major” developments, given that both crypto trading and mining are officially banned in China.
Officials are reportedly open to showing “larger sensitivity” to bleeding techniques, indicating a major change in tone.
Shanghai, the country’s leading financial hub with gross domestic product of $729 billion, could become a test ground for crypto-friendly policies. Central governments often give them a lot of freedom when it comes to implementing financial reform.
Corporate pressure can play a major role in potential policy changes. Chinese giants JD.com and Ant Group are reportedly aiming to approve yuan support stubcoin by the People’s Bank of China (PBOC).
Crypto’s US quick embrace puts more pressure on China, which has been completely rejected so far.
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