China intensifies the globalization strategy of digital currency e-CNY
Strategic shift towards the international market
China is expanding the influence of the digital yuan by establishing an international operational center in Shanghai. The announcement by the Governor of the People's Bank of China, Pan Gongsheng, at the Lujiazui Forum reflects efforts to enhance cross-border transactions based on blockchain and digital payment operations. This cryptocurrency, although tested since 2019, still faces challenges in expanding domestic users. However, the Chinese government recognizes the potential to enhance the global financial team, particularly in international trade and cross-border interbank payments.
Stablecoins and CBDCs are reshaping international payment methods
In his speech, Pan Gongsheng emphasized the growing influence of Stablecoins and Central Bank Digital Currencies (CBDCs) based on blockchain and DLT (distributed ledger technology). These solutions help shorten transaction chains, providing near-instant payment capabilities, replacing outdated traditional systems of global finance. This opens a new era in cross-border payments, though still facing regulatory risks due to the rise of DeFi and smart contracts.
Critical moment: Stablecoin law in the United States exerts significant pressure
Just one day after the U.S. Senate passed the GENIUS bill, the new regulation on stablecoins, China continues to leverage its advantage in blockchain technology. Although it prohibits cryptocurrency trading and mining domestically, the government continues to promote research on blockchain-based monetary tools, especially in Shanghai with a digital technology-based commercial finance testing project. This message reflects the race for leadership in the global digital currency sector.
Warning about fragmented global regulation
Pan Gongsheng warns about the weak and fragmented cryptocurrency regulation. He emphasizes that the lack of synchronization in managing digital assets increases political risks and hinders the process of international cooperation. This requires closer coordination among countries to create a robust legal environment, promoting the sustainable development of the global digital finance.
Chinese e-commerce giant aims for a global stablecoin license
The e-commerce giant JD.com plans to expand the application of stablecoins in cross-border payments. The company aims to reduce international payment costs and time by up to 90%, starting with business-to-business transactions and expanding to consumers. Chairman Richard Liu sees this as a strategic shift to recover growth after the company's "five years of disappointment." This move reflects a global trend recognizing the potential of Stablecoins in optimizing cross-border payment networks.
Source: https://tintucbitcoin.com/trung-quoc-mo-rong-nhan-ap-dung-yuan-toi-da-7-tu/
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