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

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

News

• Latest news
• Company updates
• Long reads

TV

Research

Events

• All
• Conferences
• Webinars
• Popular

Community

• Community latest
• Latest expert opinions
• Groups
• Search members

Jobs

APIs

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

On Thursday, the People’s Bank of China (PBOC) opened a digital yuan (e-CNY) international operations centre in Shanghai, in a move to drive CBDC innovation.

“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.

elated Articles

• China’s DCEPs In China’s Digital Currency Strategy
  

• China’s Digital Yuan Pilot Program Launches in Three Cities
  

• Planning a Roadmap for CBDC Kick-Off in East Asia
  

• Financial Live Coverage, The Frontline of Digital Asian CBDC
  

• US, Japan, Singapore, and Bank for International Settlement Join Hands for CBDC
  

The People’s Bank of China has officially opened a new digital yuan operation center in Shanghai, signifying an important milestone for the country’s efforts to launch a central bank digital currency (CBDC). The announcement of this new center’s opening came directly from the bank.

New Digital Yuan Center in Shanghai

The digital yuan operation center represents a key step towards the wider adoption and implementation of a digital currency throughout China. This move follows the recent integration of the digital yuan in multiple regions across the nation.

The bank has been actively promoting the use and acceptance of the digital yuan. This new center will likely boost the development and expansion of the CBDC’s use cases and accessibility.

China has been one of the frontrunners in central bank digital currency development, with the digital yuan being at the forefront of its digital finance strategy.

Welcome to Finextra. We use cookies to help us to deliver our services. You may change your preferences at our Cookie Centre.

Please read our Privacy Policy.

The concept of virtual IBANs, or vIBANs, is currently propelling the industry forward into the digital age. Undoubtedly, this technology will revolutionize the way businesses handle payments.

Championing Efficiency

One of the primary advantages of vIBANs is their ability to streamline payment processes. By enabling businesses to easily create numerous virtual IBANs, financial operations can be managed with greater efficiency and accuracy.

Enhanced Transparency

vIBANs also offer enhanced transparency by providing a clear overview of incoming payments, making reconciliation a much simpler and more straightforward task.

Global Reach

Furthermore, the global reach of vIBANs means that businesses can expand their operations internationally with ease, overcoming traditional barriers related to managing multiple international accounts.

Enhanced Security Measures

Security is a top priority in the financial sector, and vIBANs boast enhanced security measures that help protect businesses against potential fraud and financial risks.

The Future of Payments

It’s clear that virtual IBANs are poised to play a crucial role in shaping the future of payments, offering a range of benefits that will drive efficiency, transparency, and security in financial transactions.