Daily View | Sunday September 12

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U.S. Regulators to Decide Whether to Launch Review of Stable Coins Like Tether, Plan to Issue Stable Coin Proposal by December

ChainNews, after weeks of deliberations, the U.S. Treasury Department and other relevant federal regulators are about to decide whether to initiate a Financial Stability Oversight Council (FSOC) assessment to formally review whether Tethe and other stable coins threaten financial stability, and the FSOC has the authority to determine that counterpart companies or activities pose a systemic threat to the financial system, a situation that would typically trigger strict rules and active regulation by regulators. Meanwhile the President’s Working Group on Financial Markets (PWG) also plans to issue a stablecoin proposal by December, and a consensus is emerging among relevant regulators that a review by the FSOC is warranted. FSOC and PWG agency members overlap, with U.S. Treasury Secretary Yellen, Federal Reserve Chairman Jerome Powell and SEC Chairman Gary Gensler as members of both. Chain News previously reported that on July 19 U.S. Treasury Secretary Yellen called a meeting of the President’s Financial Markets Working Group (PWG), which discussed topics such as the rapid growth of stablecoins, the potential use of stablecoins as a means of payment and target users, and the potential risks of stablecoins to the financial system and national security, in addition to Yellen’s emphasis on the need to act quickly to ensure there is an appropriate U.S. regulatory framework in place.

The digital asset trading platform of tBeijing Fengtai District Applies Digital RMB in Financial Non-Tax Revenue Collection Operations

The Economic Observer reported on September 12 that the National Digital Financial Technology Testing Center, jointly established by the Digital Currency Research Institute of the People’s Bank of China and Beijing Fengtai Lishe Financial Business District, was officially inaugurated at the 2021 China (Beijing) Digital Finance Forum. It is understood that the digital RMB pilot in Lishe Financial Business District will accelerate the construction of digital financial technology demonstration park, explore the “5G finance” innovation pilot, Lishe outdoor 5G base station layout plan has been completed and started the construction and implementation, within the year will achieve the completion of regional base station system scale deployment and signal coverage in Lishe South District. Fengtai District, Beijing, is promoting the pilot work of digital RMB, which has achieved the coverage of four types of offline consumption scenarios, including catering and shopping, tourism consumption, green consumption, and consumption for poverty alleviation, and the first application scenarios in several fields have been rolled out one after another. The first digital RMB application scenario in government services, and the first digital RMB ecological construction in the whole region.

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