The People's Bank of China has unveiled its upgraded digital yuan infrastructure, introducing the Digital Currency Electronic Payment System (DCEPS) and the e-CNY Smart Contract ecosystem framework. These core components aim to enhance the operational capabilities of the national digital currency.
Governor Pan Gongsheng announced that the digital yuan's classification was officially shifted from cash to deposit currency earlier this year. The Digital Yuan Operation and Management Center, established in Beijing last year, is now fully functional, integrating issuance, retail, wholesale, and blockchain services.
The network of institutions managing digital yuan operations has expanded from 10 to 30, now encompassing all systemically important banks. This growth reflects a broader effort to scale the infrastructure and integrate it into the existing financial system.
In September of last year, the Digital Yuan International Operation Center launched in Shanghai. It introduced three specialized platforms: a cross-border payment system, a blockchain service platform for standardized transaction relay, and a digital asset platform for financial-grade services.
