The People’s Bank of China has officially established the Digital RMB Operation and Management Center as the nation prepares its digital currency for widespread adoption.
Summary
- China’s central bank will establish a Digital RMB International Operations Center in Beijing, focusing on building cross-border and blockchain infrastructure for the digital yuan, complementing the existing Operations Management Center.
- The two centers will form a “two-wing” structure, with one driving local infrastructure and sustainable growth, and the other expanding cross-border cooperation for international use.
- The move aligns with broader efforts by the Bank of China and the Hong Kong Monetary Authority to promote the yuan’s global presence, including plans for yuan-backed stablecoins and cross-border digital currency systems aimed at challenging the U.S. dollar’s dominance.
According to a recent report by Chinese media Capital Finance, the Governor of the central bank Pan Gosheng said that a digital RMB operation and management center will be established in Beijing. The center will be responsible for the construction, operation and maintenance of the digital RMB system.
In addition, the unit will also be promoting the development of China’s digital currency and assisting in the construction of Beijing’s national financial management center. This marks the second established unit meant to manage the digital RMB, after the Operation Management Center was established last month.
Dubbed the International Operations Center, the unit will focus on building and operating the digital RMB’s cross-border and blockchain infrastructure, while promoting cross-border interconnection with domestic and foreign financial infrastructure.
Meanwhile, the Operations Management Center focuses more on improving domestic infrastructure for the utilization of digital RMB, such as adopting new local technologies, and ensuring long-term growth within the financial system.
Experts believe that the Operations Management Center and the International Operations Center could work to
Go to Source to See Full Article
Author: Trisha Husada
