China’s Crypto Conundrum: Regulator Ponders a Pivot 🤔💰

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According to a Friday report by Reuters, the State-owned Assets Supervision and Administration Commission of the State Council (SASAC), a Shanghai regulator, recently held a meeting with dozens of government officials to consider “strategic responses” to digital assets, including stablecoins. Imagine that, a meeting to talk about digital money in a place where they’ve been telling everyone it’s a no-go for years. 🤷‍♂️

The report emphasized the significance of this “major” development, given that both crypto trading and mining are officially banned in China. It’s like they’re saying, “We’ve been telling you it’s a bad idea, but maybe it’s not as bad as we thought?” 🤔

The officials are reportedly open to showing “greater sensitivity” to bleeding-edge technology, which marks a significant change in tone. It’s like they’ve finally realized that the future is here, and it’s wearing a hoodie and coding in their basements. 🚀

Shanghai, the country’s main financial hub with a nominal gross domestic product of $729 billion, could potentially become a testing ground for crypto-friendly policies. The central government often gives the megacity more freedom when it comes to implementing financial reforms. It’s like giving a kid a little more rope to see if they can tie a better knot. 🧵

Corporate pressure might play a major role in any potential policy shift. Chinese giants JD.com and Ant Group are reportedly aiming for the approval of yuan-backed stablecoins by the People’s Bank of China (PBoC). It’s like the big dogs are wagging their tails so hard, they might just get what they want. 🐶

The U.S.’s swift embrace of crypto is also putting more pressure on China, which has so far completely rejected the nascent asset class. It’s like watching a game of catch-up, where one player is sprinting and the other is still tying their shoelaces. 🏃‍♂️👟

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2025-07-11 07:58