- People’s Bank of China (PBOC) launched an international operations center for the digital yuan in Shanghai.
- The center aims to strengthen the global use of China’s central bank digital currency (e-CNY).
- PBOC officials say this is part of creating a more efficient and inclusive global payment system.
- The move comes as China recently paused some tokenization projects in Hong Kong.
- China continues to push the digital yuan despite tighter rules elsewhere.
People’s Bank of China (PBOC) opened a new international operations center for its digital currency, the e-CNY, in Shanghai on Thursday. The center is designed to support China’s goal of increasing the global use of its central bank digital currency.
PBOC Deputy Governor Lu Lei described the launch as a step toward improving payment systems, stating that the new center will help build a more efficient and open cross-border payment network. The move is seen as part of a broader strategy to accelerate use of the e-CNY outside China.
According to the South China Morning Post, the international center will focus on settlement efficiency and integration for the e-CNY. Lu Lei explained, “This step is part of a historical inevitability in payments innovation.”
China’s launch of the new center follows a recent order from the country’s securities regulator for some brokerages in Hong Kong to pause their activities related to tokenizing real-world assets (RWA). Earlier this week, these companies were instructed to halt their RWA tokenization businesses, reflecting stricter oversight of digital asset initiatives. More on this can be read at Reuters.
The e-CNY, also called the digital yuan, is a central bank digital currency issued directly by PBOC. Unlike cryptocurrencies such as Bitcoin, central bank digital currencies are government-backed and offer a digital alternative to traditional banknotes and coins.
China’s efforts come as the government maintains a cautious approach to other digital asset projects. The introduction of the international operations center marks a significant milestone in China’s plan to promote the digital yuan for cross-border payments and financial inclusion.
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