China is reportedly brewing the launch of its first Renminbi stablecoin, sparking widespread attention in the financial sector. According to sources cited by Reuters, the State Council is expected to review a roadmap for the internationalization of the Renminbi later this month, with the stablecoin being a core component. This roadmap will clarify the objectives for the use of the Renminbi in global markets, the division of responsibilities among regulatory agencies, and guidelines for risk prevention. Insiders revealed that China's top officials might convene a special meeting by the end of this month to focus on the internationalization of the Renminbi and the development direction of the stablecoin.
This move is seen as a major shift in China's digital asset policy. In 2021, China completely banned cryptocurrency trading, but now, if it pushes forward with a Renminbi stablecoin, it not only signifies a policy reversal but also reflects China's strategic intent to catch up with the United States in the digital finance arena. Analysts believe that once the Renminbi stablecoin is launched, it could directly challenge the US dollar stablecoin and promote the use of the Renminbi in cross-border payments and international settlements, potentially becoming an "accelerator" for the internationalization of the Renminbi and having a profound impact on the global cryptocurrency financial market structure.
Meanwhile, the issue of security in the cryptocurrency sphere has once again come to the forefront. On August 20, a netizen named "Flying_fish" reported that he and four other blockchain practitioners, who had been working legally overseas for many years, were taken across provinces and detained for 34 days upon returning to their country. During this period, they were subjected to late-night interrogations and forced to unlock their phones using facial recognition, and cryptocurrencies worth over 6 million US dollars were transferred away. Although eventually released without charges, their assets were not returned.
This incident has caused significant concern in the cryptocurrency community about the safety of blockchain assets and the increased risk of cross-border capital flows. Affected by strict internet control, the victims' channels for speaking out are limited, but overseas media have contacted them and are preparing to further investigate and publicize the evidence chain. This event once again highlights the complex interplay between the advancement of Renminbi digitalization and the domestic regulatory environment.
