Deputy Director of the National Financial and Development Laboratory: The development model of the RMB stablecoin can combine internal and external elements.

According to Deep Tide TechFlow news, on July 10, Yang Tao, Deputy Director of the National Financial and Development Laboratory of the Chinese Academy of Social Sciences, suggested in a column for the 21st Century Business Herald that the RMB stablecoin should adopt a development model that links domestic offshore and overseas offshore.

Yang Tao believes that stablecoins built on the Web3.0 world have transcended traditional offshore and onshore categories, and should proactively conduct research and regulation on stablecoins from the perspectives of financial security and monetary sovereignty.

He specifically proposed two models: one is to establish a RMB stablecoin issuance institution in the Shanghai Free Trade Zone (CNYC), and the second is to directly mint stablecoins on-chain relying on the digital RMB operating institution; at the same time, issue offshore RMB stablecoins in Hong Kong (CNHC), forming a dual system both domestically and internationally.

Yang Tao emphasized that the exploration of the RMB stablecoin must strictly control risks, proceed in a gradual manner, maintain appropriate scale, and promote the formulation of relevant laws and regulations as soon as possible, in order to strengthen its voice in the global legal competition of stablecoins.