On November 29, Mu Changchun, Director of the Digital Currency Research Institute of the People's Bank of China, attended the 2023 China (Shenzhen) Financial Technology Conference and talked about the principles and practices of the central bank's digital currency in the field of cross-border payments. Mu Changchun said that in the practice of multilateral projects, in February 2021, under the guidance of the Bank for International Settlements (Hong Kong) Innovation Center, the multilateral central bank digital currency bridge project was jointly launched with the Hong Kong Monetary Authority, the Bank of Thailand, and the Central Bank of the United Arab Emirates. Explore the application of central bank digital currency in cross-border payments.
Talking about compliance principles, Mu Changchun pointed out that compliance must not only comply with the laws and regulatory regulations of the country, but also comply with the laws and regulatory regulations of the counterparty country, and more importantly, comply with international anti-money laundering regulatory requirements. The laws and rules of all parties cannot be as consistent as ten fingers, and it is impossible to follow a set of rules across the board on one platform, so the Lego modular design (Lego-Bricks Approach) was introduced to integrate payment, foreign exchange, and capital management. , anti-money laundering and anti-terrorist financing and other rules and functions are modularized. Central banks and monetary authorities in different jurisdictions can flexibly combine the required modules according to their own needs, improving the flexibility of multi-country business governance, supervision and policy systems. and adaptability.
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