China is preparing to board the stable coin train.

Since 2014, China, which started to gradually ban cryptocurrencies and completely halted all crypto activities in the country in 2021, could no longer remain indifferent to developments around the world. According to information provided by the Reuters news agency, the Chinese government is considering a series of solutions, including stable coins, to increase the global use of the yuan.

Sources providing information to the agency indicated that this issue would be evaluated at the state level during this month's Shanghai Cooperation Organization meeting.

Will crypto bans be lifted?

The crypto world has long been waiting for China, which is seen as the second largest economy in the world, to lift its crypto bans. The Xi Jinping administration has not shown any signs in this regard so far, but the Chinese people have continued to embrace crypto, especially through DeFi applications. China also continues to rank among the top in crypto mining despite the bans.

The crypto moves made during Trump’s presidency in the US, especially their spread to other countries and regions around the world, particularly in Europe, seem to have caught the attention of the Chinese government. This slightly increases hopes that crypto bans will be lifted.

Justin Sun, the founder of Tron and of Chinese origin, has claimed several times in recent years that the "new bull season" will begin with the lifting of China's cryptocurrency bans.

China is also positioned as the country where central bank digital currencies (CBDCs) are most widely used in the world.

Published: August 20, 2025 14:54Last Updated: August 20, 2025 15:10