Stablecoins a ‘Threat’ to China’s Monetary Sovereignty, Warns Think Tank

Growing Popularity of Stablecoins Sparks Concerns in China

Leading Chinese academics are raising concerns that the increasing use of stablecoins poses a challenge to China’s monetary sovereignty. They argue that the dominance of stablecoins essentially entrenches the global position of the US dollar, potentially impacting China’s economic and financial stability.

The concern stems from the potential impact on sovereign credit systems, global governance models, and the future of money. The issue is being discussed by key economic think tanks within China, indicating a serious evaluation of the challenges presented by the growing cryptocurrency landscape.

Japan to Push G7 for Action Against North Korean Crypto Hackers

In related news, Japan is reportedly planning to urge the G7 nations to take stronger action against the Lazarus Group, a North Korean cybercrime organization. This group is allegedly involved in sophisticated cryptocurrency hacking and theft, using these illicit gains to fund North Korea’s weapons programs.

Crypto Scams Impacting Tourism

A recent surge in crypto scams targeting tourists has had a noticeable impact on tourism in certain Asian countries. For example, Thailand has witnessed a significant decrease, reportedly around 44%, in Chinese tourists following a backlash related to these scams.

This highlights the need for stricter regulations and public awareness campaigns to protect individuals from falling victim to fraudulent cryptocurrency schemes, which can severely damage the reputation of tourist destinations and negatively impact local economies.