The State-owned Assets Supervision and Administration Commission (SASAC) in Shanghai said SOEs must “maintain a keen awareness of emerging technologies” and strengthen research on digital currencies, according to the agency’s statement on Friday.
The statement followed SASAC’s study session on the “development trend and response strategies” of cryptocurrencies and stablecoins held in China’s financial hub, where the regulator urged state-backed organisations to explore the use of blockchain technology in cross-border trade, supply chain finance and asset tokenisation.
According to an article last month by state-owned financial newspaper Securities Times, “the unique advantages and potential risks of stablecoins cannot be ignored”, and “the development of [yuan-backed] stablecoins should be sooner rather than later”.