How legal?

 China's Central Bank Poised To Legalize Digital Yuan As Part Of Sovereign Fiat Currency

I open an equity company to sell shares. I register a Chinese account.

Then I can sell shares, and put my shares on a finite block chain at par, a neutral liquidity service, universal yuan payment architecture.  Buy shares in my company and you get a legitimate address in which to trade those shares, in smaller or larger quantities.  My shares are stable shares. The yuan deposits and shares outstanding up to date and public and protected on the short chain. The payment protocol is available on any smartphone, and it is symmetrical, both parties register and address and they can swap on the short chain. The app is proof of stake, all exchanging parties agree and no one else cares.

How soon? Anyone want to take bets? China just assumed a huge regulatory burden if they want to spy on transactions.

Digital yuan requires a third party check with the regulated bank, as did the old yuan.  The big difference, with digital yuan we can automate when and where we swap accounts. So the shadow transactions will be much cheaper and faster and just as safe. Risk can be adjusted easily by paying the entry fee back into a yuan account from the stableshare block chain. Shadow banking has optimized the insurance cost of central banking, we only visit regulated accounts for money launder and taxes.

Think of stable shares in Black Scholes. It is an over the counter stock with alpha fixed at one. Otherwise it measures all the other Greek letters needed to neutralize a distorted central bank. Traders would buy shares with count and time limits, depending on the re-entry cost of the central bank ledger. The company would be known, say, liquid US Tax Dollars, if no one has the trademark. All the merchants would have a TD account, the app is down loadable and they all got smart phone, and it is ever connected via wifi, so it is one click on the price, one transaction, the TD short chain is cleared via proof of stake and the customer signature. The merchant handles his own miner code. At some time convenient to the merchant, say once a week, she can clear all the 'Stable Shares' back to swift by selling at par. It should be a switch from the swift ledger to the customer swift ledger, minus re-entry fee.