China tests out stablecoins amid fears of capital outflows
Policymakers say dollar-backed tokens cement US dominance but regulator warns of money-laundering risk
Policymakers say dollar-backed tokens cement US dominance but regulator warns of money-laundering risk

Regulators raise concerns about the rise of privately controlled currencies

Asset-backed digital currencies could pose risks to bedrock of global financial system

Growth of dollar-pegged crypto assets under Donald Trump risks accelerating dollarisation and enabling criminal misuse

The administration sees these digital assets as a tool in the fight against de-dollarisation

Central bank partly backs down after industry criticism over plan for digital tokens

Fears that they make it easier for criminals to move money around are based on a misconception