China Starts Trials for Stablecoin Issue
China tries to be on the edge regarding financial evolution. For this reason, there has been a plan for issuing a stablecoin, which will replace the renminbi in its digital form.
The Central Bank of China will start its first trials in experimental methods with 19 restaurants and cafes in 4 cities, which will include well-known brands like McDonald’s, Subway, and Starbucks. In this experiment, there is participation from financial conglomerates like Ant Financial and Tencent and popular super-markets like JD Supermarkets.
The digital renminbi expects to be the core financial tool for China to conquer the global economic system and compete against the USA. China is the second-largest economy in the world and the least dependent on oil prices. This fact may be the turning point, also with the digital renminbi to beat the dollar in financial markets.