People’s Bank of China opens digital yuan operation centre in Shanghai

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“The evolution of monetary and payment systems in the digital era is a historical inevitability,” PBOC Deputy Governor Lu Lei stated in a conference on Wednesday, according to the South China Morning Post.

Lei outlined three platforms to globalize and expand China’s CBDC operations, including a cross-border digital payments platform that will utilise the e-CNY, a blockchain service platform, and a digital asset platform.

Lei expanded that the centre will also push Shanghai closer to becoming a CBDC and digital payments hub, facilitating the development of the digital yuan, cross-border payments, and investment.