An international operation center for the digital yuan commenced operations in Shanghai on September 25, The People’s Bank of China (PBoC) announced.
Alongside the launch, the center revealed it will operate via three platforms, which include a cross-border digital payment platform, a blockchain service platform and a digital asset platform.
PBoC Deputy President Lu Lei said the central bank provides open, inclusive and innovative solutions to cross-border financial transactions and it has pre-liminarily established an infrastructure system for cross-border finance related to the yuan based on the principle of “Non-impairment, Compliance and Interoperability” proposed by the Bank for International Settlements.
Experts said the center will help China reduce its reliance on the dominant SWIFT payment system, streamline the management of cross-border financial transactions and explore new applications for blockchain technologies.
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