TechFlow reports on January 13 that according to the Hong Kong Wen Wei Po, Fan Wenzhong, Vice President of the Beijing Academy of Social Sciences and Standing Council Member of the China Finance Society, published an article titled "Steadily Advancing the Coordinated Innovation of Digital RMB and Hong Kong Stablecoins." In the article, he pointed out that currently the cross-border use of digital RMB mainly relies on internal regulations and pilot policies from the People's Bank of China (PBOC), lacking clear legal authorization. He suggested adding provisions during the revision of the PBOC Law to explicitly define the digital RMB’s function in cross-border payments and its legal interconnectivity with overseas compliant digital currency systems. Meanwhile, efforts should be made to include specific regulatory requirements and preferential policies for stablecoin issuers linked to the mainland’s central bank digital currency within the implementing rules of Hong Kong's Stablecoin Ordinance, thus creating a synergistic regulatory framework.
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