China may adjust its tough stance on cryptocurrencies. According to a Reuters report on July 11, the Shanghai regulatory body, the State-owned Assets Supervision and Administration Commission (SASAC), recently held a meeting to discuss a "strategic response" to digital assets, including stablecoins. This move marks a significant policy development against the backdrop of China's current ban on cryptocurrency trading and mining.

Shanghai: A Testing Ground for Financial Reform

As a major financial center in China, Shanghai's nominal GDP is expected to reach $729 billion in 2024, and it has long played a pioneering role in financial reform. The central government typically grants Shanghai greater policy experimentation space, and this meeting reflects an open attitude towards cryptocurrencies. He Qing, the head of the Shanghai regulatory body, emphasized the need to "demonstrate higher sensitivity to emerging technologies and strengthen research on digital currencies." The meeting had about 60 to 70 participants, highlighting the breadth of the discussion.

Corporate Push and International Competitive Pressure

Chinese companies may play a key role in the policy shift. It is reported that e-commerce giant JD.com (9618.HK) and fintech leader Ant Group (688688.SS) are actively pushing for the People's Bank of China to approve the issuance of a stablecoin pegged to the renminbi to counter the global influence of the US dollar stablecoin. The two companies plan to apply for stablecoin licenses in Hong Kong, where relevant legislation will take effect on August 1.

At the same time, the rapid acceptance of cryptocurrencies in the United States is putting pressure on China. American companies like Amazon (AMZN.O) and Walmart (WMT.N) have already taken action in the crypto space, while Bitcoin's price recently soared to a historic high of $112,000. These international trends may prompt China to reassess its stance on digital assets.

Stablecoins and Regulatory Challenges

Stablecoins are rapidly developing globally due to their linkage to fiat currencies, low transaction costs, and fast speeds. At the Shanghai meeting, policy experts from Guotai Junan Securities detailed the history, types, and global regulatory framework of cryptocurrencies and stablecoins, and proposed policy recommendations. However, Pan Gongsheng, the governor of the People's Bank of China, recently stated that the rapid development of digital currencies poses significant challenges to financial regulation. In 2021, mainland China comprehensively banned cryptocurrency trading and mining due to concerns over financial stability, and any policy loosening will be cautious and gradual.

The Shanghai meeting signals that China may take a tentative step in the digital asset space. As a bastion of financial innovation, Shanghai could become a testing ground for cryptocurrency-friendly policies. If policies are gradually relaxed, the launch of a renminbi stablecoin could reshape China's role in the global digital economy. However, given the complexity of regulation and the priority of financial stability, any changes will face strict scrutiny.

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