Новый международный центр в Шанхае: ключ к глобальному распространению цифрового юаня New International Center in Shanghai: Key to the Global Expansion of the Digital Yuan

The People’s Bank of China (PBoC) has officially launched an International Digital Yuan Operations Center in Shanghai, as reported by the Xinhua news agency.

This hub aims to enhance the role of the Chinese Central Bank Digital Currency (CBDC) in the global financial landscape.

According to the report, the center comprises three platforms focused on cross-border payments, blockchain services, and digital assets.

PBoC Governor Pan Gongsheng announced the establishment of a framework for international digital yuan operations back in June.

During the conference marking the hub’s opening, Vice Chairman of the PBoC, Lu Lei, stated that the fundamental principles guiding the infrastructure’s creation were regulatory guidelines: “no losses, regulatory compliance, and operational compatibility.”

He emphasized that the central bank will continue to support the sustainable development of the framework and facilitate the simplification of cross-border trade, investment, and financing processes.

As per Xinhua’s information, the center has been developed and is operated by the PBoC’s Digital Currency Research Institute. It is responsible for the creation and maintenance of the blockchain infrastructure for the Chinese CBDC, as well as ensuring cross-border connectivity.

It is worth mentioning that in August, media outlets reported that Chinese authorities are considering the use of yuan-backed stablecoins to promote the global adoption of the national currency.

The Economist expressed skepticism regarding the widespread launch of such «stable coins» for various reasons, including stringent capital control measures.