There is a deviation between the ideal and reality of multilateral arrangements for CBDCs.From the perspective of risk regulation,the inherent risk of cross-border flow of CBDCs is the root of its internal dilemma,and the lag in rules,mechanisms,and theories in response to risk regulation leads to regulatory dilemmas.In order to promote the standardized and orderly cross-border flow of CBDCs,it is necessary for China to restructure regulation based on m-bridge project.At the theoretical level,it is urgent to adjust the traditional national currency theory and the concept of monetary sovereignty,and to construct a theoretical basis for the cross-border flow of CBDCs based on the institutional theory of currency.At the level of rules,it is necessary to strengthen the supplement of specialized rules for CBDCs cross-border flow,and further clarify the rights and obligations between different entities such as central banks and commercial banks.At the regulatory level,it is critical to build a data-driven regulatory architecture and a"two-dimension regulatory system"by utilizing data analysis tools and large-scale models computing.At the same time,an open regulatory structure should be shaped,leveraging the advantages of payment platform enterprises and international monetary cooperation frameworks to promote collaborative governance of CBDCs cross-border flow.
CBDCm-bridgeRMB internationalizationmonetary theory
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