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

On December 21, according to Caijing magazine, Zhao Zhongxiu, president of the University of International Business and Economics, and others published an article titled “Global Stablecoin Regulation Taking Shape, 'Chinese Plan' Can Be Piloted in Free Trade Zones,” which states that as stablecoin legislation becomes a reality in several major legal jurisdictions around the world, China should not miss this historic opportunity. In order 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 the Hong Kong Special Administrative Region, and the Hainan Free Trade Port. Specific recommendations for pilot programs in free trade zones include: establishing “Cross-Border Financial Technology Laboratories,” creating a stablecoin “Allowlist” system, establishing offshore RMB stablecoin innovation pilots, promoting digital trade and intellectual property financing, and strengthening Blockchain infrastructure construction; at the same time, strict risk prevention and control mechanisms should be established, including: stringent access for institutions and individuals, transparent reserve audits, and tracking and preventing compliance arbitrage and capital flow risks.