China has quietly taken a daring step in its attempt to expand the global footprint of its digital currency.
On Thursday, the Banque Populaire de China (PBOC) inaugurated a Center for International Operations for its Central Bank digital currency, the Digital Yuan (E-CNY) in Shanghai, according to a report Morning post in southern China.
The vice-government of the PBOC, Lu Lei, supervised the decision as part of a “historic inevitability” in payments innovation, in order to offer a more efficient, inclusive and open global cross-border payment system.
The initiative aims to improve the efficiency of regulations and serve as construction blocks to a wider framework for the integration of the E-CNY.
The thrust of the Chinese CBDC intervenes in the wake of the country braking tokenization efforts. Earlier this week, the Chinese securities regulator warned some brokerage houses To take a break from their active world tokenization activities (RWA) in Hong Kong.
Find out more: China pumps brakes on RWA companies in Hong Kong: Reuters
