PBOC: Build and operate cross-border, offshore, and blockchain infrastructure for the digital RMB under the premise of security and controllability

TechFlow News: On June 20, the People’s Bank of China, the National Development and Reform Commission, the National Financial Regulatory Administration, the China Securities Regulatory Commission, the State Administration of Foreign Exchange, and the Shanghai Municipal Government jointly issued the “Action Plan for Developing Offshore Finance in the Shanghai International Financial Center.” The plan specifies that, leveraging the Digital RMB International Operations Center, cross-border, offshore, and blockchain infrastructure for the Digital RMB will be built and operated under secure and controllable conditions; interconnectivity with overseas financial infrastructure will be steadily advanced; and the application and scenario expansion of the Digital RMB in offshore business will be promoted gradually.