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7/8/2021, 7:38 AM (Source: TeleTrader)
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PBoC: Stablecoins are threat to global currency

Vice Governor of the People's Bank of China (PBOC) Fan Yifei (pictured) asserted on Thursday that the emergence of stablecoins poses a risk to the global currency, as well as to the monetary and payment systems.

Fan described cryptocurrencies as "speculative tools," and noted that they threaten financial and social stability.

He pledged to promote the digital yuan and vowed to put in efforts in order to mitigate the macroeconomic impact of the Asian country's digital currency.

Baha Breaking News (BBN) / BU