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The People’s Bank of China (PBOC) plans to establish an international operation center for the digital yuan (e-CNY) in Shanghai.

Governor Pan Gongsheng announced the initiative during the Lujiazui Forum on June 18, aiming to boost the global adoption of the e-CNY.

He highlighted the growing role of blockchain and distributed ledger technologies in cross-border payments and real-time settlements.

Pan also addressed the opportunities and challenges of these innovations, including stablecoins, CBDCs, decentralized finance, and smart contracts.

While China supports blockchain advancement, cryptocurrency trading and mining remain banned.