China heightens CBDC adoption, accelerates AI growth [Video]

The Shanghai arm of the People’s Bank of China (PBoC) has expressed a renewed commitment to improve the adoption rate of its central bank digital currency (CBDC), the digital yuan, in the region as part of its agenda for 2025.

In its press release, the central bank stated that it is keen to extend the digital yuan usage beyond local commerce with an eye on cross-border and corporate transactions. The PBoC Shanghai headquarters unveiled the plans at a high-level conference involving officials and relevant stakeholders in the regional financial ecosystem.

The latest direction mirrors the resolution of the central government expressed at the 20th National Congress of the Communist Party of China (CCP) in 2024. Set to go into full effect in 2025, the PBoC is preparing for the uphill task ahead since adoption levels for the digital yuan are in the doldrums.

It also confirmed plans to adopt an “aggressive” approach to jolt adoption metrics …