The People's Bank of China (PBOC) has opened a new operations center for the digital yuan in Shanghai that will oversee the development of blockchain platforms and related initiatives for the currency.
According to a report by Xinhua news agency, the center was created to strengthen the role of the digital yuan in global finance. Among the launches was a blockchain services platform as part of the PBOC's long-term strategy.
The new hub is one of eight steps outlined by PBOC Governor Pan Gongsheng in June. He stressed the goal of internationalizing the yuan in a multi-directional financial framework that does not rely solely on the dollar.
Tian Xuan, president of the National Institute of Financial Research at Tsinghua University, described the launch as an important step that could strengthen China's influence in the international financial system.
China is also exploring the use of yuan-based stablecoins to expand its global reach.
Although the country has banned crypto trading and mining since 2021, a report in August revealed that authorities are considering approving yuan-backed stablecoins as part of a dedollarization strategy.
