China’s central bank chief today announced plans to set up an e-CNY international operation center in Shanghai to expand the global influence of the Chinese yuan, while acknowledging that stablecoins and central bank digital currencies (CBDC) are reshaping global payment infrastructure.
People’s Bank of China Governor Pan Gongsheng said Wednesday at the Lujiazui Forum that the new e-CNY center is intended to promote the internationalization of the digital yuan. The initiative was one of eight key policies Pan announced at the forum, a major official event that brought together top financial regulators and industry executives.
The e-CNY is widely regarded as one of the most advanced CBDCs in the world. Although the government has introduced various measures to support its rollout since the pilot began in 2019, adoption has remained a challenge.
In a keynote speech, Pan said that the application of emerging technologies in cross-border payments is gaining momentum, with blockchain and DLT driving the rapid growth of CBDCs and stablecoins.
“[These innovations] are enabling real-time settlement at the point of payment, fundamentally reshaping the traditional payment infrastructure and significantly shortening the cross-border payment chain,” Pan said in a translated statement.
“At the same time, these developments pose substantial challenges for financial regulation,” Pan added. “Technologies such as smart contracts and decentralized finance are expected to continue advancing the evolution of the global cross-border payment ecosystem.”
Pan’s comments come after the U.S. Senate passed the GENIUS Act — a landmark stablecoin bill — on Tuesday. The legislation now moves to the House of Representatives for further consideration.
While the Chinese authorities have openly embraced blockchain technology, it is rare for the PBOC to address the financial implications of DeFi and stablecoins publicly. China continues to ban cryptocurrency trading and mining on the mainland.
As part of the eight policies announced today, Shanghai city plans to pilot a series of structural monetary policy tools, including blockchain-based trade finance tools, according to Pan.
Meanwhile, Pan also warned about the lack of regulatory oversight over crypto assets.
“Regulatory oversight remains insufficient in several emerging areas of digital finance,” Pan said. “For the rapidly expanding crypto asset market and climate risk-related regulatory frameworks, global regulatory coordination is insufficient, with regulatory approaches swinging drastically and being overly driven by politics.”
© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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