- Colin Wu, a China crypto reporter, said the Chinese government could implement even stronger restrictions or even ban stablecoins. Due to the collapse of the Terra network, China’s media source, the Economic Daily, has indicated that the Chinese government may impose even tighter restrictions on cryptocurrencies. The source described how the algorithm stablecoin TerraUSD and LUNA network works. It took advantage to support China’s move to ban cryptocurrency. Chinese government-owned media Economic Daily said that affected by the Luna incident, the Chinese government should introduce regulatory measures for the risk of stablecoins to further reduce the space for related...