China’s central bank is ramping up its digital currency ambitions with a new initiative to globalize the e-CNY.
People’s Bank of China Governor Pan Gongsheng announced on Wednesday the creation of an international operation center for the e-CNY, to be based in Shanghai.
Pushing the Yuan’s Global Influence
The announcement was part of a broader package of eight financial policy moves unveiled during the Lujiazui Forum, one of China’s premier financial gatherings. Pan emphasized the center’s goal: strengthen the international role of the Chinese yuan through its digital form.
The e-CNY has been under pilot since 2019 and is often described as one of the most mature central bank digital currency (CBDC) projects worldwide. However, despite strong government backing, user adoption has been slower than expected, particularly for cross-border use.
CBDCs and Stablecoins Reshaping Payments
In his keynote speech, Pan acknowledged that the evolution of global payment systems is now heavily shaped by blockchain and distributed ledger technologies. He pointed to stablecoins and CBDCs as the key forces reshaping cross-border settlement infrastructure, underscoring the urgency for China to assert leadership in this arena.
The new Shanghai-based center aims to facilitate this shift, acting as a hub for international cooperation, policy alignment, and technology integration related to the digital yuan.
With rising competition from other national digital currencies and global stablecoins, China’s move signals its intention to remain at the forefront of the rapidly changing financial system.
Kosta Gushterov
Reporter at Coindoo
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Source: https://coindoo.com/china-to-launch-e-cny-international-hub-in-shanghai-eyes-global-reach/