Wuxi City in China explores ways to boost trade using stablecoins

Attention is focused on whether China, which has imposed a comprehensive ban on virtual assets (cryptocurrencies), will accept stablecoins (virtual assets linked to the value of legal tender).

According to the official WeChat account of Wuxi City (Jiangsu Province, China) on the 7th (Korean time), Du Xiaogang, Secretary of the Wuxi Municipal Party Committee, presided over a special meeting on the city’s key reform tasks on the 3rd.

At the meeting on “measures to improve the foreign trade system,” there was reportedly a request to “explore ways to develop foreign trade using stablecoins and to continuously expand the growth potential of digital trade, green trade, and service trade.”