Breaking: Chinese Regulator Mulling 'Major' Crypto Pivot

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According to a Friday report by Reuters, the State-owned Assets Supervision and Administration Commission of the State Council (SASAC), a Shanghai regulator, recently held a meeting with dozens of government officials in order to consider "strategic responses" to digital assets, including stablecoins

The report underscored the significance of such a development, given that both crypto trading and mining are officially banned in China

The officials are reportedly open to showing "greater sensitivity" to bleeding-edge tech, which marks a significant change in tone

Shanghai, the country's main financial hub with a nominal gross domestic product of $729 billion, could become a testing ground for crypto-friendly policies. The central government often gives the megacity more freedom when it comes to implementing financial reforms

Chinese giants JD.com and Ant Group are reportedly aiming for the approval of yuan-backed stablecoins by the People's Bank of China (PBoC)

The U.S.'s swift embrace of crypto is putting more pressure on China, which has so far completely rejected the nascent asset class

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