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 of 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 surpassed the traditional offshore and onshore categories, and should be actively researched and regulated from the perspectives of financial security and currency sovereignty.
He specifically proposed two models: one is to establish a RMB stablecoin issuance institution (CNYC) in the Shanghai Free Trade Zone, and the other is to directly mint stablecoins on-chain relying on the digital RMB operating institution; at the same time, issue offshore RMB stablecoins (CNHC) in Hong Kong, forming a dual system of domestic and overseas.
Yang Tao emphasizes that the exploration of the RMB stablecoin must strictly control risks, progress gradually, maintain an appropriate scale, and expedite the formulation of relevant laws and regulations to strengthen discourse power in the global stablecoin legal game.