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The central bank in China is set to establish the Digital Yuan Operations and Management Center in Beijing, which will operate alongside the Digital Yuan International Operation Center in Shanghai, creating a dual-center management system for the digital currency.
The Beijing facility will oversee the development, deployment, and maintenance of the digital yuan infrastructure. It will also promote the currency’s growth and support the city’s efforts to become China’s premier financial hub, according to the central bank’s governor during a recent financial industry forum.
The Shanghai center, which began operations last month, specializes in developing and managing cross-border and blockchain systems linked to the digital yuan. Its mission includes fostering connections between domestic and international financial networks, enhancing the global functionality of the currency, and facilitating innovations in financial services.
The new Beijing center will focus on building and managing the core infrastructure of the digital yuan, including the central digital currency research institute. It will coordinate with financial institutions to develop an open, secure, and efficient digital yuan ecosystem, advancing related business activities and supporting innovations in monetary and payment systems, the institute explained.
As a legal tender issued and regulated by China’s central bank, the digital yuan has seen steady progress, with its initial ecosystem established. Transactions in pilot regions exceeded 14.2 trillion yuan (about $2 trillion) by the end of September, involving over 3.3 billion transactions and 225 million personal wallets via the digital yuan app.
The central bank plans to further refine the management system for the digital currency, explore its role within the country’s monetary aggregates, and encourage more commercial banks to start offering services using the digital yuan, the governor added.
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