Governor of the People's Bank of China (PBoC), Pan Gongsheng, emphasized the role of blockchain and distributed ledger technology in global payments at the Lujiazui Forum event on June 18.
Pan said China will establish an international operations center for the digital yuan (digital RMB), a strategic move to promote global adoption of cryptocurrencies, improve financial market services, and support broader financial digitization initiatives.
Blockchain developments in this area reflect a broader trend, expanding technological possibilities for financial progress.
Pan Gongsheng Asserts China’s Leadership in Cryptocurrency Innovation
The Lujiazui Forum, a financial industry event hosted by China's top financial regulators and the Shanghai municipal government, focuses on “expanding financial cooperation to promote sustainable development in a changing global economy.”
During the event, senior central financial regulators are expected to announce major financial policies. Representatives from organizations such as the State Administration of Financial Regulation and the China Securities Regulatory Commission will attend.
Featured speakers include Pan Gongsheng, Zhu Hexin (Deputy Governor of the PBoC, Director of the State Administration of Foreign Exchange), Li Yunze (Minister General of the State Financial Supervision Administration), and Wu Qing (Chairman of the China Securities Regulatory Commission).
In his opening remarks, Pan highlighted blockchain as driving the growth of stablecoins and changing cross-border payments. He said the technology enables instant transfers from traditional systems, but also poses new challenges for regulation.
The upgrade involves smart contracts and DeFi, demonstrating a desire to advance payment systems without relying on traditional networks.
Zhou Xiaoquan, deputy director of the Shanghai Financial Bureau, said that Shanghai will support central financial regulators to step up China's high-scale financial expansion step by step.
China's central bank digital currency (CBDC), seen as a stablecoin, is also being touted as a step forward in optimizing cross-border payments.
Li Kexin, deputy director of the PBoC's General Office, said at a press conference in late May that the bank is accelerating strategic reserve policies to enhance Shanghai's status as an international financial center.
Despite the important remarks, global financial institutions have yet to respond clearly. However, the focus on blockchain remains prominent, affirming China's leading position in crypto innovation, according to the Lujiazui Forum agenda.
China's Crypto Innovation Strengthens Asia's Lead in Financial Technology
China has a long history of leading the way in digital finance. Events like the Lujiazui Forum often mark major developments in blockchain and cryptocurrency, cementing China’s position as a fintech leader in Asia.
The Lujiazui Forum has demonstrated China's financial development over the years, with the themes of "reform" and "opening up" always playing a central role in the sessions, contributing to promoting the initiative of developing modern finance.
During the discussions, industry leaders and researchers discussed how to handle the global financial crisis, support the real economy, liquidity problems at Chinese banks, and sought solutions to reduce systemic risks.
Experts say that switching to blockchain in the payment sector could increase trust between institutions and the cryptocurrency system. This is a strategic move to modernize China's financial sector, promote the development of stablecoins, and expand the application of blockchain technology in the global market.
Source: https://tintucbitcoin.com/ngan-hang-trung-quoc-thuc-day-stablecoin-blockchain/
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