Crypto Weekly: China's Stablecoin Plans, Basel Standards, and Russian Sanctions

China's Potential Yuan-Backed Stablecoin

• 🇨🇳 Sources suggest China is considering using yuan-backed stablecoins to increase the global adoption of its currency.
• 💡 This would represent a significant shift from China's previous stance on digital assets, with a roadmap potentially being reviewed this month.
• 📊 The yuan's global payment currency share was 2.88% in June, its lowest in two years, compared to the US dollar's over 47% market share.

Rethinking Basel Committee's Crypto Standards

• 🏦 A coalition of finance industry bodies is urging the Basel Committee on Banking Supervision to reconsider proposed regulatory standards for banks' crypto exposure.
• ⚠️ They argue that the market has evolved since the standards were agreed upon three years ago, and the current proposals are too conservative.
• ⚖️ The Basel Committee comprises regulators and central banks from major financial centers worldwide.

Britain's Sanctions on Russian Financial Networks

• 🇬🇧 Britain has imposed sanctions on financial networks allegedly used by Russia to circumvent existing Western sanctions.
• 🚫 These sanctions target eight individuals and entities, including Kiris crypto networks and the infrastructure behind A7 A5.
• 💰 The A7 A5, a ruble-pegged stablecoin launched in Kyrgyzstan, is reported to have moved $9.3 billion in four months, according to Britain's assessment.