People's Bank of China Governor Pan Gongsheng: Third, the application of emerging technologies in the field of cross-border payment is accelerating. Emerging technologies such as blockchain and distributed ledger have promoted the vigorous development of central bank digital currencies and stablecoins, realized "payment as settlement", reshaped the traditional payment system from the bottom, greatly shortened the cross-border payment chain, and posed huge challenges to financial supervision. Technologies such as smart contracts and decentralized finance will also continue to promote the evolution and development of cross-border payment systems......
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People's Bank of China Governor Pan Gongsheng:
Third, the application of emerging technologies in the field of cross-border payment is accelerating. Emerging technologies such as blockchain and distributed ledger have promoted the vigorous development of central bank digital currencies and stablecoins, realized "payment as settlement", reshaped the traditional payment system from the bottom, greatly shortened the cross-border payment chain, and posed huge challenges to financial supervision. Technologies such as smart contracts and decentralized finance will also continue to promote the evolution and development of cross-border payment systems......