China has been expanding use of digital currencies as it promotes wider use of its yuan, or renminbi, to reflect its status as the world's second-largest economy. It also wants to challenge the dominance of the U.S. dollar in international trade and finance. Restrictions on access to Chinese financial markets and limits on convertibility of the yuan, or "people's money," are big obstacles blocking its global use. Still, Hong Kong already has stablecoin regulations and some Chinese experts are pushing for regulations to prepare for a possible stablecoin pegged to the yuan. Such moves follow President Donald Trump's signing last month of a law regulating stablecoins.
By SEUNG MIN KIM and ALAN SUDERMAN Associated Press
President Donald Trump has signed the GENIUS Act into law, setting new regulations for stablecoins, a type of cryptocurrency tied to assets like the U.S. dollar. The law, passed with bipartisan support, introduces consumer protections and aims to boost confidence in the crypto industry. On Friday, Trump called the move a step toward cementing U.S. dominance in global finance and crypto technology. A provision bans Congress members from profiting off stablecoins but excludes the president and his family. Meanwhile, the House passed two additional crypto-related bills, now heading to the Senate, to reshape market structures and limit Federal Reserve actions.
