Member of the Chinese People's Political Consultative Conference and Managing Partner of Sequoia Capital China Shen Nanpengproposed creating a stablecoin secured by a basket of Asian currencies.
According to Shen Nanpeng, similarA stable cryptocurrency can be provided with a basket of currencies of countries in the Asian region, including Japanese yen, Korean won, Hong Kong dollar and Chinese yuan. Such stablecoin will help increase trade in the Asia-Pacific region.
Using a shared stablecoin to exportersand it will be much easier for importers to pay for goods and services of foreign suppliers. In addition, such a cryptocurrency will provide fast and cheap international payments, which will positively affect the growth of economies in the region.
A previously similar stablecoin secured by a wholebasket of assets, planned to create a project Libra, developed by the social network Facebook. However, after the opposition of regulators, especially American ones, several stablecoins will be launched within the framework of Libra, each of which will be tied to one national currency.
China also continues to develop its ownstate cryptocurrency - digital yuan. Testing of the national digital currency is taking place in the cities of Shenzhen, Suzhou, the Xiongang region and the area where the Winter Olympic Games will be held.
</p></p>Read this:
Iranian President calls for Islamic cryptocurrency
Germany may ban Libra and create its own cryptocurrency
European Commissioner proposes to create new rules for the crypto industry
Iranian President proposes to create cryptocurrency for Islamic countries
Oklahoma proposed creating a cryptocurrency depository
In Ukraine, they proposed to legalize mining and create a “crypto valley”