China has calmly taken a bold step in its bid to expand the global footprint for its digital currency.
On Thursday, People’s Bank of China (PBOC) inaugurated an international operating center for its central bank’s digital currency, the Digital Yuan (E-CNY) in Shanghai, according to a South China Morning Post report.
PBOC-Vice Governor, Lu Lei, framed the move as part of a “historical inevitability” in paying innovation with the aim of offering a more efficient, inclusive and open global cross-border payment system.
The initiative is intended to improve the settlement efficiency and serve as a building block for a wider frame for E-CNY integration.
China’s CBDC push comes in the wake of the country drawing the brakes on tokenization efforts. Earlier this week, China’s securities regulator warned some brokerage companies to put their real assets (RWA) tokenization companies in Hong Kong.
Read more: China pumps the brakes at RWA companies in Hong Kong: Reuters
