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China’s top tech firms, including JD.com and Ant Group, are urging the People’s Bank of China (PBOC) to approve the issuance of yuan-backed stablecoins. This move could reshape the digital currency landscape in the world’s second-largest economy.
- JD.com and Ant Group are leading efforts to lobby China's central bank for yuan stablecoin approval.
- Yuan-backed stablecoins could enhance China's digital currency strategy and global payment competitiveness.
- The move comes despite China's historically strict stance on cryptocurrency-related activities.
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