Study On The Developing Trend And China’s Strategy Of Central Bank Digital Currency’ S International Rules

Considering the defects of the IMF’s CBDC governance mechanism,the persistence of the hegemony of SWIFT and the Digital Dollar,the north-south contradiction of CBDC’s international rules,and the weakening of the inertia of the International monetary system,most of the countries around the world would step up the research on CBDC’s international rules to seize the initiative.Based on the observation of the development trend of CBDC,the formation of its international rules will face the following problems.Firstly,monetary sovereignty.The International circulation of CBDC should first ensure that the issuance of CBDC by other countries does not penetrate the domestic payment system,affect the control of domestic currency and threaten the sovereignty of domestic currency.Therefore,China should firmly defend its monetary sovereignty as well as under the premise of abiding by the rules of international law.Secondly,the legitimacy of CBDC International circulation.China can promote the foundation of CBDC’s international legitimacy by actively participating in the drafting of relevant "reports" and "recommendations" of international organizations,by forming a general practice through CBDC interoperability,and by signing bilateral or multilateral treaties to achieve International cooperation.Thirdly,CBDC international payment and international settlement issues.On this issue,there are currently three development possibilities in the world.China should review each development model to seize the moment and strengthen regional CBDC cooperation to unblock CBDC international payment and International settlement channels.Finally,the risk of International circulation of CBDC.There may be network system security risks and International currency substitution risks in CBDC’s International circulation.China should implement the definition of compliance subject and compliance responsibility,coordinate the differences of corresponding standards,and so on to ensure the safety of CBDC’s international circulation.