JD Group executives: It is recommended to use offshore RMB stablecoins to promote the internationalization of the RMB

avatar
PANews
06-13
This article is machine translated
Show original

According to PANews on June 13, Shen Jianguang, Chief Economist of JD Group, and Zhu Taihui, Senior Research Director of JD Group, published an article titled "Promoting RMB Internationalization with Offshore RMB Stablecoin" in the China Economic Times hosted by the Development Research Center of the State Council. The article points out that issuing RMB stablecoin is necessary to follow the global stablecoin development trend, respond to new US cryptocurrency policies, and provide a new approach to accelerating RMB internationalization. Developing offshore RMB stablecoin is an important means to mitigate the uncertainty of "digital currency bridge" development and will not affect domestic monetary policy regulation and cross-border capital management.

Adopting a progressive approach in development, accumulating experience and improving mechanisms in Hong Kong, and following the model of "offshore abroad first, then offshore domestically", the stablecoin will gradually expand from Hong Kong to domestic free trade zones and free trade ports, thereby continuously strengthening support for RMB internationalization. To ensure controllable risks, the user base can initially be limited to institutional clients and "qualified investors", and then gradually opened to retail users and the general public.

Source
Disclaimer: The content above is only the author's opinion which does not represent any position of Followin, and is not intended as, and shall not be understood or construed as, investment advice from Followin.
Like
Add to Favorites
Comments