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National Financial and Development Laboratory: Consider Promoting RMB Stablecoin Innovation in Shanghai Free Trade Zone and Hong Kong Simultaneously
Summary: In a recent announcement, the National Financial and Development Laboratory stated in an article titled 'RMB Stablecoin Development Model Can Combine Internal and External Factors' that it is considering promoting the innovation of related RMB stablecoins in Shanghai Free Trade Zone and Hong Kong simultaneously. One of the models for onshore-offshore RMB stablecoin (CNY Coin, ...
In a recent announcement, the National Financial and Development Laboratory stated in an article titled 'RMB Stablecoin Development Model Can Combine Internal and External Factors' that it is considering promoting the innovation of related RMB stablecoins in Shanghai Free Trade Zone and Hong Kong simultaneously. One of the models for onshore-offshore RMB stablecoin (CNY Coin, CNYC) could involve the establishment of an RMB stablecoin issuing institution in Shanghai Free Trade Zone by clearing organizations, large commercial banks, top payment institutions, and renowned investment institutions, to explore the on-chain issuance and operation mechanism of RMB stablecoins. Another model could rely on branches of some digital RMB operating institutions in Shanghai Free Trade Zone to directly mint and operate RMB stablecoins on the chain.
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Link: National Financial and Development Laboratory: Consider Promoting RMB Stablecoin Innovation in Shanghai Free Trade Zone and Hong Kong Simultaneously [Copy]
