Chinese E-Commerce Giants JD, Alibaba Push CBOC for Yuan-Backed Stablecoins
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币界网报道：Chinese e-commerce giants JD.com and Alibaba are reportedly exploring yuan-backed stablecoins in collaboration with the People's Bank of China (PBOC). The potential digital currencies would be pegged 1:1 to the Chinese yuan, aiming to facilitate cross-border transactions and enhance digital payment efficiency. This move aligns with China's broader central bank digital currency (CBDC) initiatives, though the companies have not officially confirmed their involvement. If implemented, these stablecoins could significantly impact China's digital economy and global e-commerce transactions, while operating within the country's strict cryptocurrency regulations that ban private stablecoins like USDT and USDC.
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