Shanghai: Push for more projects to be included in the multilateral central bank digital currency bridge

The Regulations of Shanghai Municipality on Promoting the Construction of an International Financial Center have been revised and adopted by the 15th meeting of the Standing Committee of the 16th Shanghai Municipal People's Congress on August 22, 2024, and will come into force on October 1, 2024. The Regulations state that the Shanghai Municipal People's Government shall cooperate with the central financial management department to steadily promote the research and development and application of digital RMB in this city, build functional platforms such as digital RMB innovation and operation centers, facilitate the cross-border use of digital RMB, study applications such as digital RMB supporting blockchain value system payment, and promote the inclusion of more projects in multilateral central bank digital currency bridges. Support Financial Institution Groups, financial infrastructure operating institutions, etc. to strengthen the application of blockchain and other technologies, improve the risk control system, and expand the supply of financial products and services.