The Rule Construction of Cross-border Application of e-CNY Under the Belt and Road Initiative
The regional currency partnership is the purpose of the rule construction of cross-border application of e-CNY.Under the Belt and Road Initiative,the strategy of rule construction should be adjusted according to the three forms of currency competition(the competition with physical sovereign currencies,other central bank digital currencies and virtual currencies)and the two competition fields("countries/regions issuing major international currency"and"countries/regions issuing non-major international currency").However,the existing rules lack the rules for maintaining currency stability,coordinating standards and ensuring security,making it difficult to help e-CNY gain an advantage in different forms of currency competition;the lack of differentiated rules based on different competition fields leads to the weak adaptability of e-CNY to different competition fields.It is suggested to adopt the typological analysis method,divide the countries/regions along the Belt and Road into three categories according to whether the local currency is a major international currency and whether virtual currency transactions are allowed,analyze the forms and fields of currency competition within various countries/regions in turn,and put forward appropriate suggestions for rule construction.
e-CNYcross-border applicationthe Belt and RoadCNY regionalizationmBridge
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