HONG KONG -- Hong Kong's newly enacted stablecoin bill could mark the first step in China's bid to challenge the U.S. dollar's dominance in the cryptocurrency market, though Beijing's conflicting stance on digital assets suggests a long road ahead.
Cryptocurrencies
Hong Kong stablecoin law opens door to yuan-backed token
Move seen as challenge to US dollar dominance, though Beijing remains cautious
Hong Kong hosts the Bitcoin Asia conference on Aug. 28–29, following the enactment of a stablecoin law. (Photo Kensaku Ihara)
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