Core Viewpoint - The development of central bank digital currencies (CBDCs) and stablecoins is being driven by new technologies such as blockchain and distributed ledgers, presenting both opportunities and regulatory challenges for financial systems [1] Group 1: Offshore and Onshore RMB Business - Offshore RMB business is primarily conducted in markets outside of China, with Hong Kong as a central hub, while onshore RMB business reflects a dual characteristic of capital flow under specific conditions [1] - There is a growing consensus on the need to pilot offshore RMB stablecoins in Hong Kong before exploring domestic markets, particularly in free trade zones [1] Group 2: Development Models for RMB Stablecoins - A proposed model for domestic offshore RMB stablecoins (CNY Coin, CNYC) involves establishing a stablecoin issuance institution in the Shanghai Free Trade Zone, leveraging the experience of digital RMB operators [3] - Another model suggests that digital RMB operators could directly mint and operate RMB stablecoins in the Shanghai Free Trade Zone, ensuring compliance during the issuance process [4] Group 3: Requirements for RMB Stablecoins - RMB stablecoins must have sufficient asset reserves, including a proportion of digital RMB, to align with central bank digital currency (CBDC) reforms [5] - Issuers of RMB stablecoins should establish robust compliance mechanisms, including risk identification and asset segregation, while expanding application scenarios [5] Group 4: Offshore RMB Stablecoins - For offshore RMB stablecoins (CNH Coin, CNHC), a collaborative issuance model involving both domestic and foreign institutions in Hong Kong is proposed, adhering to local regulations [6] - The CNHC aims to enhance Hong Kong's role in the internationalization of the RMB and facilitate compliance in blockchain financial activities [7] Group 5: Regulatory Cooperation and Future Directions - Continuous cooperation between regulatory bodies and RMB stablecoin issuers is essential to monitor and prevent illegal activities within the blockchain ecosystem [7] - The exploration of RMB stablecoins should be cautious and gradual, with an emphasis on developing relevant legal frameworks to strengthen China's position in the global stablecoin landscape [7]