Vice President of the Beijing Academy of Social Sciences: It is recommended that the "Law of the People's Bank of China" include a clause clarifying the cross-border payment function of the digital RMB.

Fan Wenzhong, Vice President of the Beijing Academy of Social Sciences and Executive Director of the China Finance Society, wrote an article in the Hong Kong Wen Wei Po entitled "Steadily Promoting the Collaborative Innovation of Digital RMB and Hong Kong Stablecoins." In it, he pointed out that the current cross-border use of digital RMB mainly relies on the internal regulations and pilot policies of the People's Bank of China, lacking clear legal authorization. He suggested adding clauses to the revision of the "People's Bank of China Law" to clarify the cross-border payment function of digital RMB and the legality of interconnection with compliant overseas digital currency systems. He also recommended striving to clarify "special regulatory requirements and preferential policies for stablecoin issuing institutions that exchange with the mainland central bank's digital currency" in the implementing rules of the Hong Kong "Stablecoin Ordinance," forming a synergy of regulations. (Hong Kong Ta Kung Pao)