The Central Bank of China promotes the digital renminbi, and Governor Pan Gongsheng implied: Traditional payments have become a tool for Trump's tariff sanctions.
The Governor of the People's Bank of China, Pan Gongsheng, announced at the "2025 Lujiazui Forum" held in Shanghai on June 18 that the global application of the digital renminbi (e-CNY) will be expanded, and an international operations center will be established. He also pointed out that traditional cross-border payments urgently need reform, as they risk becoming tools of international sanctions.
Expand the application of digital RMB and reform the cross-border payment system
Pan Gongsheng took the lead in expanding the global application of digital RMB (e-CNY), and set up an international operation center for digital RMB in Shanghai. He stressed China's vision of a "multipolar" monetary system that would allow multiple currencies other than strong currencies such as the US dollar (USD) and the euro (EUR) to support the global economy.
According to reports, China has been researching the application of central bank currency ( CBDC ) since 2014 and has conducted multiple pilot programs domestically.
In addition, Pan Gongsheng pointed out that the current global cross-border payment infrastructure is easily influenced by "geopolitical factors" and "weaponization," and may also be used by certain countries as a "unilateral sanction tool," undermining the global economy and financial order.
He did not name any countries in the forum, but this statement is seen as a response to the recent U.S. economic sanctions, particularly the tariff policies imposed by U.S. President Donald Trump since 2025, which have begun to change the attractiveness of the U.S. dollar.
The picture shows the 8 financial opening measures that the People's Bank of China is about to implement. The global digital currency and stablecoin warfare is expanding, but the enthusiasm of global central banks has slightly declined.
Apart from China, countries around the world are also promoting digital currencies or stablecoin (Stablecoins) projects:
Hong Kong: Currently conducting a stablecoin pilot program and passing the "Stablecoin Bill."
United States: The stablecoin bill "GENIUS Act" is about to move forward in the House of Representatives.
Europe: Legislators from various member states advance the Digital Euro (Digital Euro) proposal.
UAE: Digital Dirham is expected to be launched by the end of 2025 (Digital Dirham).
Israel: The preliminary design of the digital shekel (Digital Shekel) has been announced.
However, according to a report released by the UK think tank "Official Monetary and Financial Institutions Forum" (OMFIF) on February 11 of this year, 31% of central banks chose to postpone the launch schedule for CBDCs due to regulatory uncertainty and economic outlook.
This article discusses the People's Bank of China promoting the digital renminbi, with Governor Pan Gongsheng implying that traditional payments have become a tool for Trump's tariff sanctions, first appearing on Chain News ABMedia.
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The Central Bank of China promotes the digital renminbi, and Governor Pan Gongsheng implied: Traditional payments have become a tool for Trump's tariff sanctions.
The Governor of the People's Bank of China, Pan Gongsheng, announced at the "2025 Lujiazui Forum" held in Shanghai on June 18 that the global application of the digital renminbi (e-CNY) will be expanded, and an international operations center will be established. He also pointed out that traditional cross-border payments urgently need reform, as they risk becoming tools of international sanctions.
Expand the application of digital RMB and reform the cross-border payment system
Pan Gongsheng took the lead in expanding the global application of digital RMB (e-CNY), and set up an international operation center for digital RMB in Shanghai. He stressed China's vision of a "multipolar" monetary system that would allow multiple currencies other than strong currencies such as the US dollar (USD) and the euro (EUR) to support the global economy.
According to reports, China has been researching the application of central bank currency ( CBDC ) since 2014 and has conducted multiple pilot programs domestically.
In addition, Pan Gongsheng pointed out that the current global cross-border payment infrastructure is easily influenced by "geopolitical factors" and "weaponization," and may also be used by certain countries as a "unilateral sanction tool," undermining the global economy and financial order.
He did not name any countries in the forum, but this statement is seen as a response to the recent U.S. economic sanctions, particularly the tariff policies imposed by U.S. President Donald Trump since 2025, which have begun to change the attractiveness of the U.S. dollar.
The picture shows the 8 financial opening measures that the People's Bank of China is about to implement. The global digital currency and stablecoin warfare is expanding, but the enthusiasm of global central banks has slightly declined.
Apart from China, countries around the world are also promoting digital currencies or stablecoin (Stablecoins) projects:
Hong Kong: Currently conducting a stablecoin pilot program and passing the "Stablecoin Bill."
United States: The stablecoin bill "GENIUS Act" is about to move forward in the House of Representatives.
Europe: Legislators from various member states advance the Digital Euro (Digital Euro) proposal.
UAE: Digital Dirham is expected to be launched by the end of 2025 (Digital Dirham).
Israel: The preliminary design of the digital shekel (Digital Shekel) has been announced.
However, according to a report released by the UK think tank "Official Monetary and Financial Institutions Forum" (OMFIF) on February 11 of this year, 31% of central banks chose to postpone the launch schedule for CBDCs due to regulatory uncertainty and economic outlook.
This article discusses the People's Bank of China promoting the digital renminbi, with Governor Pan Gongsheng implying that traditional payments have become a tool for Trump's tariff sanctions, first appearing on Chain News ABMedia.