Shen Jianguang, Chief Economist of JD.com Group, and Zhu Taihui, Senior Research Director of JD.com Group, wrote an article titled "Using Offshore RMB Stablecoins to Promote RMB Internationalization" in the China Economic Times hosted by the Development Research Center of the State Council. The article pointed out that issuing RMB stablecoins is a means to meet the global trend of stablecoin development, respond to the new cryptocurrency policies in the United States, and accelerate the internationalization of the RMB. Developing offshore RMB stablecoins is an important means to mitigate the uncertainty of the development of the "digital currency bridge", and it will not affect the monetary policy regulation and cross-border capital management in mainland China.
In terms of development pace, we adopt a gradual model. After accumulating experience and improving mechanisms in Hong Kong, we will gradually promote from Hong Kong to mainland free trade zones and free trade ports according to the model of "offshore first and then offshore domestically", thus continuously strengthening our support for the internationalization of the RMB. In order to achieve controllable risks, the user base can first be limited to institutional customers and "qualified investors", and then gradually open to retail users and the general public for use.
