PBoC Was Urged to Issue Yuan-Pegged Stablecoin
October 11, 2018
A researcher at the People’s Bank of China together with a Fudan University professor has published an article with short analysis of stablecoins. The article studied digital currencies created recently across the world. The research has proven that most of the coins are pegged to USD.
As the authors state, emerging digital coins backed by American dollar will augment the influence of the latter one in the global monetary system which, though, may affect other fiat currencies.
In addition, they stressed that stablecoins spreading across the market are likely to undermine central banks positions in the credit monetary system and payment management as fiat coin of the Central Bank will be used as security agent for stable digital coin.
Note that the PBoC is now developing domestic digital currency, but it is still unknown when it is issued.