A regulatory body in Shanghai convened a meeting this week to discuss strategic approaches to stablecoins and digital currencies, marking a notable change in tone in China, where cryptocurrency trading remains banned, Reuters reported.
The meeting, held on Thursday by the Shanghai State-owned Assets Supervision and Administration Commission, comes amid growing calls from Chinese experts and large companies to develop a stablecoin backed by the yuan.
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As China's main international financial center, Shanghai often leads pilot initiatives for regulatory innovation.