China opens Shanghai digital yuan hub for cross-border, blockchain services

China launched a digital yuan operations center in Shanghai focused on cross-border payments, blockchain services and digital-asset platforms.

China’s central bank has opened a new operations center for the digital yuan in Shanghai. The center will oversee platforms for cross-border payments, blockchain services and digital assets as part of the digital yuan’s ongoing development.

State-run Xinhua News Agency reported the news on Thursday, citing a statement from the People’s Bank of China.

According to Xinhua, the center is designed to promote the digital yuan’s role in global finance. With the launch, officials unveiled a cross-border payments platform, a blockchain service platform and a digital asset platform.

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