Conflux Network Makes History: First Chinese Approval for Offshore Yuan Stablecoins
Conflux Network, a public blockchain operator, has made history by becoming the first to receive Chinese approval for experimenting with offshore yuan (CNH) stablecoin currency exchange. This significant move comes amidst calls from Chinese experts to internationalize the Chinese currency through stablecoin currency converter.
Conflux Network, a Shanghai-based company, has been granted permission by Chinese authorities to develop and issue offshore yuan stablecoin currency converter. This is a first for the company and a major step forward in the global stablecoin landscape.
Stablecoins, including those pegged to offshore yuan, can greatly benefit international trade by enabling faster settlements and reducing costs. Conflux aims to issue up to 300 million yuan (approximately US$42.1 million) worth of these stablecoin currency converter on its blockchain by the end of 2023.
This development follows recent regulations in the US and Hong Kong that are expected to boost mainstream acceptance of stablecoin currency converter. Chinese experts have long advocated for Beijing to develop stablecoin currency converter pegged to offshore yuan to enhance the international status of the Chinese currency.
Conflux Network's approval to experiment with offshore yuan stablecoin currency converter marks a significant milestone in the internationalization of the Chinese currency. With the potential to facilitate faster and cheaper trade settlements, these stablecoin currency converter could play a crucial role in enhancing the global competitiveness of the Chinese yuan.
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