Vice President of the Beijing Academy of Social Sciences: Proposes Adding Provisions to the "People's Bank of China (PBOC)" to Clarify the Cross-Border Payment Functions of the Digital Yuan

Svmuu News: Fan Wenzhong, Vice President of the Beijing Academy of Social Sciences and Executive Director of the Chinese Society of Finance, authored an article titled “Steadily Advancing Synergistic Innovation Between the Digital Yuan and Hong Kong’s Stablecoin” for the Hong Kong Wen Wei Po. In the article, he noted that the current cross-border use of the digital yuan is primarily based on internal regulations and pilot policies of the People's Bank of China (PBOC), and lacks explicit legal authorization.He suggested that provisions be added during the revision of the "People's Bank of China (PBOC)" to clarify the cross-border payment functions of the digital yuan and the legality of interconnecting with compliant digital currency systems overseas. At the same time, efforts should be made to specify in the implementing regulations of Hong Kong’s "Stablecoin Ordinance" the "special regulatory requirements and preferential policies for stablecoin issuers that exchange with the mainland’s central bank digital currency," thereby creating a synergistic institutional framework.(Hong Kong Ta Kung Pao)