President of the University of International Business and Economics: Suggests "China Plan" for stablecoin pilot in free trade zones

According to Caijing magazine, Zhao Zhongxiu, president of the University of International Business and Economics, and others wrote an article titled "Global Stablecoin Regulation Taking Shape, 'China Plan' Can Be Piloted in Free Trade Zones," which states that with stablecoin legislation becoming a reality in several major jurisdictions worldwide, China should not miss this historic opportunity.

To prudently carry out stablecoin-related business and regulation in mainland China, it is suggested to open pilot programs in free trade experimental zones (hereinafter referred to as "free trade zones"), such as the Qianhai Free Trade Zone in Shenzhen, adjacent to Hong Kong, and the Hainan Free Trade Port. Specific suggestions for pilot programs in free trade zones include: establishing a "Cross-Border Financial Technology Laboratory," creating a stablecoin "white list" system, setting up offshore RMB stablecoin innovation pilot programs, promoting digital trade and intellectual property financing, and strengthening blockchain infrastructure construction; at the same time, a strict risk prevention and control mechanism should be established, including: stringent institutional and individual access, transparent reserve audits, and tracking and preventing compliance arbitrage and capital flow risks.