China’s Central Bank Director Pan Gongsheng promised to expand the digital renminbi footprint, reaffirming the country’s vision for the central bank’s digital currency (CBDC).
according to In a Reuters report, China is creating an international operation center in Shanghai to create an international operation center for the digital RMB (also known as E-CNY). Pan delivered a speech at the Lujiazui Forum, a professional forum for professional local and international financial regulators and executives.
Pan said China envisions a “multi-polar” monetary system in which multiple currencies support the global economy. This vision is in sharp contrast to the current system, such as the US dollar and the euro, plays a big role in the global financial system.
The dollar, in particular, may have less appeal to investors in 2025, partly due to the unsigned rollout of tariffs by U.S. President Donald Trump over the past few months.
Pan also weighs in on digital technologies, claiming that traditional cross-border payment systems are vulnerable to geopolitical risks.
“Traditional cross-border payment infrastructure is easily politicized and weaponized and used as a tool for unilateral sanctions, undermining the global economic and financial order,” he said.
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The battle between Stablecoins and CBDCS
Stablecoins that are often hung in the US dollar are known for their ability to facilitate cross-border transactions. These digital assets are considered one of the first breakthrough mainstream use cases for cryptocurrencies and are in stark contrast to CBDC, which is controlled by centralized entities such as central banks.
Despite adopting stable people, many countries are still pursuing CBDC. Hong Kong, China’s Special Administrative Region, Promoting its Stablecoin pilot program. In Europe, legislators in member states Continue to push the digital eurowhile the United Arab Emirates Hope to launch digital dirham By the end of 2025. Israel has also Releases preliminary design for Digital Shekel.
According to the report of the Official Monetary and Financial Institutions Forum (OMFIF) on February 11, CBDC interest among central banks is coolingthere are 31% delays in implementation plans. Among central banks, common concerns include regulations and economic conditions.
China begins explore Created CBDC in 2014 and plans to expand the digital RMB internationally and domestically as a payment tool. The country hopes to fight the role of the US dollar as a global reserve currency. Since Trump introduced tariffs, the two countries have been in trouble in the trade war.
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