China accelerates the internationalization of the digital yuan, and JD targets global stablecoin licensing.

China is accelerating the promotion of the digital renminbi (e-CNY) onto the global stage. At the Lujiazui Forum, Pan Gongsheng, Governor of the People's Bank of China, announced the establishment of an international operation center for the digital renminbi in Shanghai. This move marks an important step for China in the global digital money competition, aiming to enhance the influence of the digital renminbi in international trade and settlement. Meanwhile, stablecoins and other digital payment technologies are reshaping the landscape of cross-border transactions.

Strategic transformation towards globalization

The establishment of the Shanghai International Operation Center aims to promote the global application of digital yuan. Since the launch of the pilot in 2019, the digital yuan has become one of the most technologically advanced central bank digital currencies (CBDCs) in the world. However, its user adoption rate in China still faces challenges. Through its internationalization strategy, China hopes to expand the influence of the digital yuan in the global financial system, especially in the field of international trade and settlement.

Stablecoins and central bank digital currencies reshape cross-border payments

In his keynote speech, Pan Gongsheng pointed out that the application of blockchain, distributed ledger technology (DLT), and stablecoins in the payment field is becoming increasingly significant. These technologies shorten the transaction chain, achieving near-instant Settlement, completely disrupting the inefficient model of the traditional international financial system. He also emphasized that the rise of decentralized finance (DeFi) and smart contracts has brought new regulatory challenges, and countries around the world need to remain vigilant about this.

Timing is key: The US stablecoin bill intensifies competition

President Pan's speech coincided with the U.S. Senate passing the GENIUS Act, which provides a clear regulatory framework for stablecoins, highlighting the increasingly fierce competition for global Digital Money leadership. Although China has banned cryptocurrency trading and mining domestically, it continues to make strides in the field of blockchain technology. Shanghai will also pilot new currency tools based on blockchain for trade financing, further consolidating its position in the digital finance sector.

Global regulations need to be coordinated.

President Pan warned that the current global regulation of crypto assets remains weak and fragmented, with some regulatory policies driven by political factors rather than sound financial considerations. He urged countries to strengthen regulatory coordination to address the challenges of the rapid development of digital finance.

JD.com enters the global stablecoin market

At the same time, Chinese e-commerce giant JD.com announced plans to apply for stablecoin licenses in major global markets to enter the cryptocurrency payment sector. JD.com's goal is to significantly reduce cross-border settlement costs and time through stablecoins, initially targeting inter-company transactions, with plans to expand to the consumer market in the future. It is reported that the application of stablecoins is expected to reduce settlement costs by 90% and shorten transaction times to under 10 seconds.

JD.com Chairman Liu Qiangdong stated that this move is an important strategy for the company to reverse the "growth stagnation of the past five years". He pointed out that the stablecoin plan corresponds with the global surge in interest in stablecoins, especially as the passage of the U.S. "GENIUS Act" has further propelled this trend. Despite concerns that corporate issuance of stablecoins may bring privacy and surveillance risks, JD.com still sees it as a key step in revitalizing its ambitions in the global market.

Conclusion

As the internationalization of the digital renminbi accelerates and companies like JD actively lay out their stablecoin strategies, China's ambitions in the global digital finance arena are increasingly apparent. Against the backdrop of intensifying global digital currency competition, China is striving to secure a dominant position in the future financial landscape through technological innovation and policy leadership. However, the lack of global regulatory coordination remains a pressing challenge to be addressed. In the future, the synergistic development of the digital renminbi and stablecoins may inject new vitality into the global financial system.

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