Top Chinese political advisers have proposed a regional digital currency that would be backed by four major Asian currencies including the Japanese yen, Korean won, Hong Kong dollar and the yuan. The proposal unveiled Thursday describes the currency as a “stablecoin,” a term for cryptocurrencies designed to hold their value and backed by a reserve currency, although it does not explicitly mention crypto or blockchains. The People’s Bank of China (PBOC) would lead the proposed effort. The basket of underlying collateral would follow the special drawing rights (SDR) model of the International Monetary Fund (IMF), where ... (full story)