Beijing Academy of Social Sciences Vice President: Suggests Adding Clauses to the "People's Bank of China Law" to Clarify the Cross-Border Payment Functions of Digital Yuan

Odaily News Beijing Academy of Social Sciences Vice President and Executive Director of the Chinese Financial Society, Fan Wenzhong, wrote an article titled "Steadily Advancing the Coordinated Innovation of Digital Yuan and Hong Kong Stablecoins" in the Hong Kong Wen Wei Po. The article pointed out: Currently, the cross-border use of digital yuan primarily relies on internal regulations and pilot policies of the People's Bank of China, lacking clear legal authorization. It is suggested that during the revision of the "People's Bank of China Law," clauses be added to clarify the cross-border payment functions of digital yuan and the legality of its interconnection with compliant overseas digital currency systems. Simultaneously, efforts should be made to specify in the implementation rules of Hong Kong's "Stablecoin Ordinance" special regulatory requirements and preferential policies for stablecoin issuing institutions that exchange with the mainland's central bank digital currency, thereby forming a synergistic institutional framework. (Hong Kong Ta Kung Pao)