China's Central Bank Launches International Digital Yuan Center
Governor of the People’s Bank of China (PBOC) Pang Gongsheng announced the government's plan to establish an international digital yuan operations center in Shanghai to expand its global reach. He acknowledged that stablecoins are driving the development of cross-border payment infrastructure.
The initiative to build the international E-CNY center is one of eight key policies of the Chinese Government to promote the internationalization of the digital yuan.
"The adoption of new technologies in cross-border payments is rapidly increasing, with blockchain technology and distributed ledgers fueling the rapid growth of CBDCs and stablecoins," said Pan, citing Xihua.
Additionally, Pang's announcement came a day after the United States Senate passed the GENIUS Act, which regulates stablecoins pegged to the US dollar.
