China's Central Bank Launches International Digital Yuan Center
People's Bank of China (PBOC) Governor 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 formation of cross-border payment infrastructure.
The move to build an E-CNY international center is one of the Chinese government's eight major policies to promote the internationalization of the digital yuan.
"The application of new technologies in cross-border payments is growing rapidly, with blockchain and distributed ledger technologies driving the rapid growth of CBDCs and stablecoins," Pan said, as reported by Xihua.
In addition, Pang's announcement came a day after the United States (US) Senate passed the GENIUS Act, which regulates stablecoins pegged to the US dollar.
