Money, like water, always seeks the path of least resistance. In September 2026, Lu Lei, deputy head of the State Administration of Foreign Exchange of the People's Republic of China, announced the expansion of a pilot blockchain platform for cross-border financing — and at the same time the start of work on reforms related to cryptocurrencies.
The platform, launched in March and already covering 19 provinces and cities instead of the previous nine, has become the only one registered by a central government body with the Cyberspace Administration of China. According to Lu Lei, the regulator intends to gradually increase the number of blockchain use cases in cross-border financing and macroprudential management, while maintaining strict oversight of the technologies.
At the same time, SAFE is launching a "forward-looking study" of currency reforms designed to take cryptocurrencies into account, and is working on a new system of regulation and technological control. China already uses blockchain and artificial intelligence to manage risks in cross-border operations and intends to further liberalize capital markets.
Behind this lies more than a technological experiment. Beijing seeks to improve the efficiency of capital movement, reduce costs and strengthen control over flows — while not letting go of the levers that traditionally ensure the stability of the yuan. For companies and investors, this means the emergence of new, faster channels, but within strictly defined rules.
Imagine a river where the state builds not only dams but also smart locks: the water flows faster and more transparently, yet the direction and volume remain under control. This is precisely the model China is testing, combining openness for selected use cases with strict oversight of crypto assets.
For those who manage personal or corporate finances, the signal is obvious: global payment systems are changing, and those who fail to take the new state "locks" into account risk finding themselves on the sidelines of the main flows.
