#China Launches Digital Yuan Global Push From Shanghai


People's Bank of China Governor Pan Gongsheng revealed plans for an international e-CNY operation center in Shanghai at Wednesday's Lujiazui Forum.


The initiative aims to accelerate #digital yuan internationalization as China positions its #CBDC for global adoption.


Pan acknowledged that #stablecoins and blockchain technology are fundamentally reshaping cross-border payment infrastructure worldwide.


The governor noted these innovations enable real-time settlement and significantly shorten traditional payment chains.


China's digital yuan pilot began in 2019 but has faced adoption challenges despite being among the world's most advanced CBDCs.


Pan warned about insufficient regulatory oversight in markets, citing political volatility in global regulatory approaches.


#Shanghai will also pilot #blockchain-based trade finance tools as part of eight new monetary policies announced.


The announcement comes one day after the U.S. Senate passed the GENIUS stablecoin bill, moving closer to comprehensive crypto regulation.

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June 18, 2025 at 3:26 PM
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