Shanghai officials warm to stablecoins despite China crypto ban: Report

Local authorities and state-owned publications in mainland China are increasingly calling on the government not to dismiss the increasing global adoption of stablecoins.

Mainland China, one of the most restrictive global jurisdictions for cryptocurrencies, is reportedly showing signs of a shift in tone regarding stablecoins amid new developments in Shanghai.

The Shanghai State-owned Assets Supervision and Administration Commission (SASAC) has held a meeting to discuss strategic responses to stablecoins and digital currencies, Reuters reported on Friday.

Following the Thursday meeting, SASAC director He Qing called for “greater sensitivity to emerging technologies and enhanced research into digital currencies,” in a post on the authority’s official account.

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