Circle's jerallaire says that stablecoins are the best route for the yuan's internationalization, instead of CBDCs. By thesamreynolds.
“If eventually the Chinese government wants to see the RMB used more freely in trade and commerce around the world, it may be that stablecoins are the path to do that more than the central bank digital currency,” he told the paper.
Authorities in China would be hesitant to allow such a plan, as capital controls and a ban on the free convertibility of the yuan are pillars of its economic policy. In 2022, IMF First Deputy Managing Director Gita Gopinath said that China would need tostakeholders have noted
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