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 by South China Morning Post.
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 certain brokerage houses to suspend their tokenization activities of active world (RWA) in Hong Kong.
Read more: China pumps the brakes on Rwa companies in Hong Kong: Reuters
