China should become an active participant in the discussion on creating an international regulatory and legal framework for central bank digital currencies (CBDCs). This goal was set by Chinese President Xi Jinping in “Questions on Medium- and Long-Term Socio-Economic Strategies,” according to CoinDesk
“We need to seize the momentum and accelerate digitisation across areas, and actively participate in creating an international regulatory and legal framework for digital currencies and their taxation,” the head of the PRC stressed.
The commentary followed a week after the PBoC proposed amendments to the law regulating its activities. They envisage legalising the digital yuan and prohibiting the issuance of tokens pegged to the national currency.
In October, the G20’s Financial Stability Board presented the final version of its recommendations on regulation, supervision and oversight of stablecoins. They are aimed at preventing the so-called “regulatory arbitrage.”
Recently, Bank of Canada Governor Tiff Macklem noted that in developing CBDCs, countries should adhere to a coordinated approach.
As noted by Yi Gang, governor of the People’s Bank of China, said that during the pilot program users conducted more than 4 million transactions in digital yuan worth nearly $300 million.
For details on why governments worldwide are betting on CBDCs, how digital currencies differ from traditional fiat, and what central banks have concluded from studies and experiments, read in the ForkLog article.
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