The Cyberspace Administration of China publicly solicits opinions: Financial institutions are encouraged to explore the use of new payment methods such as digital RMB for cross-border payments

PANews reported on September 13 that according to a report by Meijing.com, in order to promote and standardize the promotion and application of electronic documents, improve the level of digitalization of goods trade and transportation, reduce logistics costs across society, protect the legitimate rights and interests of parties involved in electronic document activities, and safeguard national security and social public interests, the Cyberspace Administration of China, in conjunction with relevant departments, has drafted the "Regulations on Promoting and Standardizing the Application of Electronic Documents (Draft for Comment)" in accordance with relevant laws and regulations. The draft is now open for public comment. It mentions encouraging institutions and enterprises in the fields of goods trade, logistics, finance, etc. to recognize and use electronic documents when conducting business, improve the level of digitalization of business applications, and promote quality and efficiency improvements in the industry. Financial institutions are encouraged to explore the use of new payment methods such as digital RMB for cross-border payments based on the characteristics of electronic documents, in compliance with laws and regulations and with controllable risks, and to actively and steadily innovate financial products and service models.