Vice President of Beijing Academy of Social Sciences: Suggest adding provisions to the "People's Bank of China Law" to clarify the cross-border payment functions of digital RMB

Odaily Planet Daily reported that Fan Wenzhong, Vice President of the Beijing Academy of Social Sciences and Executive Director of the Chinese Financial Society, wrote in Wen Wei Po Hong Kong titled “Steadily Promoting the Collaborative Innovation of Digital RMB and Hong Kong Stablecoins,” which pointed out: Currently, the cross-border use of Digital RMB mainly relies on internal regulations and pilot policies of the People’s Bank of China, lacking explicit legal authorization. It is recommended to add provisions in the revision of the “People’s Bank of China Law” to clarify the cross-border payment functions of Digital RMB and the legality of interconnection with overseas compliant digital currency systems, while also striving to clarify in the implementation rules of Hong Kong’s “Stablecoin Ordinance” the special regulatory requirements and preferential policies for “stablecoin issuers exchanging with mainland central bank digital currencies,” forming a systemic synergy. (Ta Kung Pao, Hong Kong)