The Chinese government is considering the launching of the own stablecoin, which will be yena-backed. This should happen despite the ban on all cryptocurrencies that was imposed in the country in October previous year.
A specialist from the People`s Bank of China write an article about the digital stable coins, where he provided reviews of USD-backed digital coins, among which are Tether, Gemini and Paxos Standard. They are expected to help in the increase of the dollar positions in the world economy and to suppress other fiat money, including the yuan.
So, the experts suggest to analyze the experience of other countries and to create a local stablecoin. But other cryptocurrencies have to stay prohibited, the experts insist.