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Stablecoins are getting more and more attention from different countries


For the first time, the People’s Bank of China has included digital yuan in the calculation of the country’s monetary base (cash plus its own reserves). As of the beginning of 2023, e-CNY in circulation was estimated at 13.6 billion yuan, which is equivalent to $ 2 billion. E-CNY accounts for 0.13% of the yuan cash and reserves held by the People’s Bank of China. This suggests that the central bank of China is moving from the testing phase of the digital yuan to using it in calculations.

The phenomenon of CBDC is gradually becoming more widespread. So, the Secretary of the Treasury of the United Kingdom for Economic Affairs, Andrew Griffith, said that the British government is thinking about launching a digital pound.

Speaking to representatives of parliament, Griffith mentioned that the government is already on the way to create conditions for the functioning of stablecoins, – digital assets whose value has parity with monetary units. The representative of the UK Treasury also said that the issue of the digital pound should be taken into account when further considering the bill on financial services and markets, which was previously approved by the House of Commons of the British Parliament.

In conclusion we should admit that in July 2021, the European Central Bank launched a two-year testing of the digital euro, after which the regulator intends to implement the gradual introduction of a new digital currency within three years.

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