« Respuesta #2222 en: Ayer a las 22:02:59 »
https://www.ft.com/content/fa719421-c349-4397-af2d-6089bb00c598China tests out stablecoins amid fears of capital outflows
Policymakers say dollar-backed tokens cement US dominance but regulator has warned of money laundering risk
Hong Kong is China’s test bed for cryptocurrency as trading is banned on the mainland © Bloomberg
China plans to allow the launch of its first stablecoins in a bid to internationalise the renminbi and compete against the dollar, but concerns about capital flight are slowing the technology’s growth in the country.
Hong Kong — China’s test bed for cryptocurrency as the industry is banned on the mainland — recently passed a law allowing licensed businesses to issue tokens backed by any fiat currency. But the territory’s de facto central bank has adopted a cautious approach, saying only a “handful” of licences will be granted starting next year.
Policymakers in China have become increasingly focused on stablecoins, arguing that the success of dollar-backed tokens is cementing the US currency’s dominance in the global economy. But China’s desire to develop a technology that can widen the renminbi’s use is running up against its need to tightly control its financial system.
China’s central bank governor, Pan Gongsheng, said in a speech in June that stablecoins had “fundamentally reshaped the traditional payment landscape”. Financial regulators in the past two months have summoned experts to discuss trends and strategies for cryptocurrencies and stablecoins, according to participants and official statements.
The key takeaway, said one participant, was that “any stablecoin project implemented in China must be compatible with the country’s specific national conditions”. The participant added that a central banker kept stressing the potential risk of capital outflows from stablecoin projects.
“This is not technology that can be centrally controlled,” said Rebecca Liao, chief executive of Saga, a company that builds blockchain infrastructure core to cryptocurrencies. “When they invest in this technology it will be taken to places that they do not like.”
This caution is keeping Hong Kong from matching the frenetic growth of stablecoins in the US. The Hong Kong Monetary Authority, reflecting Beijing’s worries, has been vocal about the potential for stablecoins to be used in money laundering.
“We have been quite concerned about market speculation and exuberance,” HKMA officials said during a press conference on Tuesday about the city’s new stablecoins regime. Shares of Hong Kong-listed companies connected to the industry have risen substantially in recent weeks.
The HKMA was exacting with applicants to its stablecoin “sandbox” trial about use cases, ability to establish reserves and how they would handle legal disputes, according to a fintech executive familiar with the process.
“HKMA’s priority is stability and control at launch, so initial programs are expected to focus on business-to-business applications, limiting their initial adoption,” said Paul Tang, director of the Hong Kong Money Service Operators Association, an industry group.
Chinese state-owned enterprises have “become quite interested in stablecoins and related topics”, particularly in the context of payment and settlement, said Chen Lin, director of the Centre for Financial Innovation and Development at the University of Hong Kong.
Multiple state-owned enterprises with Hong Kong operations are looking to apply for stablecoin licences, said Lin. But among China’s four dominant state-owned banks, only one will receive a licence from the HKMA initially, according to people familiar with the matter.
The HKMA has not ruled out approving licences for stablecoins backed by offshore renminbi. China has long wanted to increase use of its currency for cross-border payments, an area where stablecoins have particular appeal because they circumvent traditional systems such as Swift, which Beijing worries could be used against it in the event of a conflict.
“It’s quite challenging to compete with the US dollar-backed stablecoin system,” said Lin. “Certainly Hong Kong is making its own efforts, but there’s still a long way to go.”
« última modificación: Ayer a las 22:14:02 por Derby »
En línea
