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Deputy Dean of Beijing Academy of Social Sciences Suggests Adding Clauses to the People's Bank of China Law to Clarify Cross-Border Payment Functions of Digital RMB
Summary: According to reports, Fan Wenzhong, Deputy Dean of the Beijing Academy of Social Sciences and Executive Director of the China Finance Association, wrote an article in the Hong Kong Wen Wei Po titled 'Steadily Promoting the Collaborative Innovation of Digital RMB and Hong Kong Stablecoins.' He pointed out that the current cross-border use of digital ...
According to reports, Fan Wenzhong, Deputy Dean of the Beijing Academy of Social Sciences and Executive Director of the China Finance Association, wrote an article in the Hong Kong Wen Wei Po titled 'Steadily Promoting the Collaborative Innovation of Digital RMB and Hong Kong Stablecoins.' He pointed out that the current cross-border use of digital RMB mainly relies on internal regulations and pilot policies of the People's Bank of China, lacking clear legal authorization. He suggested adding clauses to the revision of the People's Bank of China Law to clarify the cross-border payment functions of digital RMB and the legality of connecting with overseas compliant digital currency systems. At the same time, efforts should be made to specify in the implementation rules of the Hong Kong 'Stablecoin Regulations' the special regulatory requirements and preferential policies for stablecoin issuing institutions exchanging with the mainland central bank's digital currency, forming a collaborative system. (Hong Kong Ta Kung Pao)
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Link: Deputy Dean of Beijing Academy of Social Sciences Suggests Adding Clauses to the People's Bank of China Law to Clarify Cross-Border Payment Functions of Digital RMB [Copy]
