Deputy Director of the National Institution for Finance and Development: The development model for RMB stablecoins can combine domestic and international elements.

On July 10th, Yang Tao, Deputy Director of the National Finance and Development Laboratory of the Chinese Academy of Social Sciences, suggested in a column in the 21st Century Business Herald that the RMB stablecoin should adopt a coordinated development model of onshore-offshore and offshore-offshore.

Yang Tao believes that stablecoins built based on the Web3.0 world have surpassed the traditional scope of offshore and onshore. We should start from the perspective of financial security and monetary sovereignty and take the initiative to conduct stablecoin research and regulation.

He specifically proposed two models: one is to establish an RMB stablecoin issuing institution (CNYC) in the Shanghai Free Trade Zone, and the other is to rely on digital RMB operating institutions to directly mint stablecoins on-chain; at the same time, issue offshore RMB stablecoins (CNHC) in Hong Kong to form a dual domestic and foreign system.

Yang Tao emphasized that the exploration of RMB stablecoins needs to strictly control risks, proceed gradually, and maintain a moderate scale, and promote the formulation of relevant laws and regulations as soon as possible to strengthen discourse power in the global stablecoin legal game. [Deep Tide TechFlow]