People’s Bank of China Recommends Yuan-Backed Stablecoin People’s Bank of China Recommends Yuan-Backed Stablecoin
By Mary Kihoro - October 12, 2018

Researcher Li Liangsong and Wang Huaqing, from the People’s Bank of China (PBoC), recommended that the Chinese government should create a stablecoin pegged on the Yuan. According to the researchers, the USD-backed coins would explode on the global financial scene and may suppress other currencies including the Yuan. The two believe that stablecoins will entrench deeply into the financial ecosystem since it’s inevitable that central banks will eventually issue a fiat digital currency.