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:: Crypto Weekly

:: China's crypto pivot?

Sources say China is considering the usage of yuan-backed stablecoins to boost wider adoption of its currency globally.

It would be a major reversal of China's stance towards digital assets.

The sources added that Chinese leaders will review and possibly approve a roadmap later this month.

Stablecoins are a type of cryptocurrency designed to maintain a constant value.

They are often pegged to the U.S. dollar and commonly used by crypto traders to move funds between tokens.

The yuan's share as a global payment currency fell to 2.88% in June.

That's its lowest in two years.

In contrast, the U.S. dollar commanded over 47% of market share.

Banks call for changes

A group of finance industry bodies is calling for a rethink on regulatory standards they say will make it difficult for banks to participate in crypto markets.

The Basel Committee on Banking Supervision comprises regulators and central banks from the world's main financial centres.

It agreed a set of standards three years ago regarding the risks around bank exposure to crypto assets.

In an open letter to the committee the groups said the crypto market has changed since then and the proposed standards are too conservative.

:: UK targets Russia-related crypto networks

Britain this week sanctioned financial networks it said were being used by Russia to evade existing Western sanctions.

They include Kyrgyz crypto networks.

The sanctions against eight individuals and entities also target the infrastructure behind A7A5.

That's a rouble-pegged stablecoin launched in Kyrgyzstan which Britain said had moved $9.3 billion in four months.