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University of International Business and Economics President: Proposing Free Trade Zone Pilot for Stablecoin "Chinese Solution"
BlockBeats News, December 21st, according to Caixin magazine, Zhao Zhongxiu, President of the University of International Business and Economics, and others wrote an article titled "Global Stablecoin Regulation Taking Shape, 'Chinese Approach' Can Be Piloted in FTZ," in which it was stated that with the legislation of stablecoins becoming a reality in multiple major legal jurisdictions worldwide, China should not miss this historic opportunity. In order to prudently conduct stablecoin-related business and regulation in mainland China, it is suggested to open pilot programs in Free Trade Zones (referred to as "FTZs"), such as the Qianhai FTZ adjacent to the Hong Kong Special Administrative Region and the Hainan Free Trade Port. Specific proposals for pilot programs in FTZs include: establishing a "Cross-Border FinTech Lab," creating a stablecoin "whitelist" system, initiating an offshore RMB stablecoin innovation pilot, promoting digital trade and intellectual property financing, and enhancing blockchain infrastructure; at the same time, strict risk prevention and control mechanisms should be established, including: strict institutional and individual access, transparent reserve audits, tracking and preventing compliance arbitrage and capital flow risks.
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