Governor Pan Gongsheng: New technologies boost central bank digital currency

Pan Gongsheng, head of the People's Bank of China, commented on something interesting at the Lujiazui Forum 2025. New technologies are advancing rapidly. Very rapidly. They are changing international payments in surprising ways.

Blockchain and those distributed ledger systems. They are not just pretty words. They are transforming the entire landscape of digital currencies and stablecoins. Payment systems are evolving. Settlement too.

These innovations shorten processes. A lot. But not everything is rosy. Regulatory challenges arise, some quite complicated, it seems.

Pan, leading the bank since 2023, did not stop there. He talked about smart contracts. He mentioned financial technologies without control centers. All of this will continue to change the game of payments between countries.

During his talk, he also touched on other topics. Flexible monetary policies. Support for growth. Financial stability. A difficult balance, not entirely clear how to achieve it in these rapidly changing times.