Improvement of China's legal system of systematized cross-border payment supervision under the background of digital economy

Abstract

The use of systematic regulation of cross-border payment systems is a necessary tool for countries pursuing currency internationalisation, and an important pillar for the internationalisation of their currencies. Currently, the emergence of new payment models represented by third-party payments and digital currencies in China's cross-border payments has impacted the current regulatory approach, leading to the characteristics of unclear regulatory subjects, inadequate regulatory approaches and unsound regulatory bases in practice. To this end, the legislative level of regulatory documents should be gradually raised by clarifying the responsibilities and rights between the current cross-border regulatory bodies. In this way, we can clarify the cross-border regulatory subject of third-party payment and digital currency, and build an effective top-level regulatory laws and regulations design.