On Thursday, the People’s Bank of China (PBOC) inaugurated a digital yuan (e-CNY) international operations center in Shanghai, aiming to foster innovation in central bank digital currencies (CBDCs).
At a conference on Wednesday, PBOC Deputy Governor Lu Lei emphasized, “The evolution of monetary and payment systems in the digital era is a historical inevitability,” as reported by the South China Morning Post.
He detailed three key platforms designed to globalize and expand China’s CBDC initiatives: a cross-border digital payments platform utilizing the e-CNY, a blockchain service platform, and a digital asset platform.
Moreover, Lei indicated that this center will propel Shanghai towards becoming a leading hub for CBDC and digital payments, enhancing the development of the digital yuan, facilitating cross-border transactions, and promoting investment opportunities.