News Snapshot:
The Chinese government has used its Economic Daily newspaper to indicate that additional regulatory action may be taken against stablecoins in the wake of Terra’s algorithmic stablecoin failure. In May, the collapse of one of the most well-known US dollar-pegged stablecoin initiatives resulted in investors losing tens of billions of dollars as they abandoned in a rush that has been likened to a bank run. Chinese state media outlet forecasts stringent crypto regulations According to state-owned media source The Economic Daily, the demise of the Terra ecosystem has prompted the Chinese government to consider even more stringent regulations on cryptocurrencies...
