Golden Finance reported that recently, China Economic Times published an article pointing out that developing offshore RMB stablecoins is an important way to accelerate the internationalization of the RMB, and it is also an effective means to alleviate the impact of the uncertainty in the development of the “digital currency bridge”, and will not cause interference to the monetary policy regulation and cross-border capital management in the mainland.
In the article, Shen Jianguang, chief economist of JD Group, and Zhu Taihui, senior research director of JD Group, analyzed that currently, stablecoins and cryptocurrencies have entered a stage of rapid development. Especially since the second term of US President Trump, he has been actively promoting the development of stablecoins and cryptocurrencies in the United States, which has prompted countries around the world to re-examine the development of cryptocurrencies, especially stablecoins. Against this backdrop, offshore RMB stablecoins are of great significance to our country.
In terms of the development model, the article suggests adopting a progressive strategy. First, take Hong Kong as a pilot region. After accumulating experience and improving relevant mechanisms, follow the model of “offshore first, then offshore within the mainland”, and gradually promote from Hong Kong to the free trade zones and free trade ports on the Chinese mainland, so as to continuously enhance the support for the internationalization of the RMB. This step-by-step development approach can not only fully leverage Hong Kong’s advantage as an international financial center, but also promote the development of offshore RMB stablecoins in an orderly manner under the premise of controllable risks, thereby facilitating the RMB to play a more significant role in the international monetary system. As the global digital currency landscape continues to evolve, the future development of offshore RMB stablecoins and their role in promoting the internationalization of the RMB deserve continuous attention.
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