Central Bank Governor Pan Gongsheng: New technologies such as blockchain and distributed ledger are driving the vigorous development of the central bank's digital currency stablecoin

On June 18th, Pan Gongsheng, the Governor of the People's Bank of China, stated at the 2025 Lujiazui Forum that new technologies are accelerating their application in the field of cross-border payments. New technologies such as blockchain and distributed ledger are promoting the vigorous development of the central bank's digital currency stablecoin, which has reshaped the traditional payment system from the bottom for payment and settlement, significantly shortening the chain of cross-border payments, and posing huge challenges to financial regulation. Technologies such as smart contracts and decentralized finance will continue to drive the evolution and development of cross-border payment systems. (People's Financial News)