Lu Lei, Vice Governor of the People's Bank of China: We look forward to the integration of the digital pataca system with CBETS (China's digital currency platform).

CoinFeed reported on June 4th that Lu Lei, Vice Governor of the People's Bank of China (PBOC), stated at the "High-Level Seminar on the Development and Cross-Border Innovative Applications of Central Bank Digital Currencies between China and Portuguese-speaking Countries" that China has initially established a digital RMB ecosystem and completed the upgrade of its new-generation measurement framework in January this year, transforming digital cash into a digital deposit currency (version 2.0) with value storage functions. The digital RMB possesses core capabilities such as a universal hybrid currency, programmable smart payment, and efficient supervision. Lu Lei revealed that the multilateral central bank digital currency bridge (mBridge), jointly built by the PBOC, the Hong Kong Monetary Authority, the Monetary Authority of Macao, the Central Bank of the UAE, and the Bank of Thailand, is continuously expanding its members and business scenarios. Simultaneously, the PBOC has created the "CBETS" cross-border settlement service platform, supporting "one-point access" for overseas institutions and 24/7 direct settlement both on and off the blockchain.