Catenaa, Friday, June20, 2025-China central bank on Wednesday announced the creation of an international operations center in Shanghai for its digital currency, the e-CNY, as part of a broader push to extend the global use of the yuan in cross-border payments.
People’s Bank of China Governor Pan Gongsheng unveiled the initiative at the Lujiazui Forum, calling it one of eight strategic financial policies aimed at modernizing payment systems and strengthening the yuan’s international presence.
The move reflects China’s acknowledgment of the growing influence of stablecoins and central bank digital currencies in reshaping global financial infrastructure.
Pan said blockchain, distributed ledger technology, and programmable payment tools are driving the rapid evolution of international settlements, enabling real-time cross-border transactions.
He also noted that innovations such as decentralized finance and smart contracts are accelerating these shifts, but warned that global regulation has not kept pace.
While China bans crypto trading and mining on the mainland, its central bank has embraced blockchain for state-backed finance and is now integrating the technology into policy tools.
Shanghai will pilot blockchain-based trade finance programs and structural monetary tools as part of the broader effort.
Pan’s remarks come just a day after the U.S. Senate passed the GENIUS Act, a landmark bill regulating stablecoins, further underscoring the geopolitical and regulatory race in digital finance.
Pan also cautioned that insufficient oversight and volatile global regulatory swings could destabilize emerging sectors, calling for coordinated international frameworks to manage risks tied to digital assets and climate-related finance.
