China’s CBDC adoption hits a new milestone figure
China’s central Bank digital currency (CBDC), also known as e-CNY, has achieved significant milestones in terms of transactions and circulation, as disclosed by People’s Bank of China (PBOC) Governor Yi Gang. In a lecture organized by Singapore’s central bank, the Monetary Authority of Singapore (MAS), Yi revealed that e-CNY transactions surpassed 1.8 trillion yuan ($250 […]
Hong Kong citizens reject the digital yuan – Here is why
The Chinese government’s project of central bank digital currency (CBDC), the “digital yuan,” has been met with low demand and disinterest from Hong Kong citizens. Low demand for digital yuan hard wallets Despite the installation of machines dispensing hard wallets for digital yuan in Shenzhen, which were programmed to serve the citizens of Hong Kong […]
Will Digital Yuan replace cash in China?
China’s digital yuan pilot test has touched close to a staggering $14 million worth of transactions. The project, still in its pilot phase, has posted such a remarkable figure thanks to its massive patronage. This makes the digital yuan one of the most adopted digital currencies in the world. It also makes a case for […]
Digital yuan: PBoC announces increase in test sites
The digital yuan has been a topic that has grown increasingly interesting over the years. Since its research, the Peoples Bank of China has devoted much devotion and work to ensure that a launch happens soon. Although testing is still ongoing, the PBoC is doing all it can to ensure it takes advantage of this […]
China’s blockchain push: Digital Yuan is just the tip of the iceberg
China’s blockchain ecosystem is enjoying the spotlight due to the Digital Yuan project; however, the digital currency, electronic payment (DCEP) network, is only the tip of China’s blockchain push. China is aiming to be the worlds’ leader in blockchain and distributed ledger technology (DLT), as evident from its actively growing blockchain ecosystem. Since President Xi […]
Huawei to integrate digital yuan wallet in upcoming Mate 40 phones
Chinese phone maker Huawei will integrate a digital yuan wallet in its latest smartphone. The wallet will support offline transactions, among others. The People’s Bank of China (PBOC) may not have announced an actual date for the launching of the long-planned digital yuan. However, recent updates about the digital currency continue to suggest that the […]
Christine Lagard, ECB President rolls out plans for digital euro
TL;DR Breakdown ECB to float CBDC 2025 if approved. China to float CBDC 2022. President of the European Central Bank, ECB, Christine Lagarde has said that by 2025, the Digital Euro will launch if the continent would ever have a Central Bank Digital Currency, CBDC. During an interview with Bloomberg, Christine Lagarde talked about the […]
Sports & digital Yuan not to be clubbed with politics, China stuns US Senators
TL;DR Breakdown The 2022 Olympic Games are nearing, and political tensions between China and the US have begun. Senators from the United States have raised concerns regarding the usage of digital Yuan. Zhao Lijian addressed the letter from the United States, asking the Senators to learn more about digital currencies. The Olympic Games 2022 will […]
Digital yuan: Chinese cities accept CBDC for tax payments
TL; DR Breakdown Cities in China accept CBDC for tax payments China set to test digital yuan at Asian Games Chinese cities airdrop digital yuan to residents The thought process behind creating Central Bank Digital Currencies is now rapidly being brought to life. Although most countries are still in the testing phase, it is only […]
China’s WeChat joins the digital yuan pilot program
TL; DR Breakdown China WeChat joins the Digital Yuan pilot program High court outlaws cryptocurrency transactions as unlawful monetary services According to an announcement published on April 7, WeChat, one of China’s most popular social media platforms, will join the digital yuan pilot program. With more than one million users and China’s most-used application, WeChat […]
China criminalizes crypto fundraising, offenders will face jail sentences
TL;DR Breakdown: Crypto fundraising in China has now become a criminal offence. Offenders could be punished with jail sentences. After banning cryptocurrency trading and mining, China has now declared crypto fundraising acts illegal within the country, and violators are likely to face jail sentences, according to a new order from the Chinese Supreme court. China […]
Explained: Digital Yuan and its utilities
TL;DR Breakdown The People’s Bank of China is trying out its own central bank digital currency, called Digital Yuan. China’s digital currency aims to boost transactional efficiency and cashless payments in the country. The designated app for the Digital Yuan is being widely adopted by the Chinese. The concept of cryptocurrencies is gaining traction and […]
China eyeing Digital Yuan launch in 2022 with recent integration
TL;DR Breakdown China may be eyeing to launch digital yuan in 2022. China integrates PBOC to payment platform, WeChat. China has integrated its digital currency Digital Yuan to online payment and chatting platform WeChat. The mobile application is China’s largest social messaging and payment app that boasts of over a billion users. The recent expansion […]
China ponders launching a digital yuan-based exchange in Beijing
TL;DR Breakdown China is thinking about launching a digital asset exchange platform in Beijing. The exchange platform has a specific aim of promoting the use of digital Yuan. Efforts to speed up the creation of Central Bank Digital Currency are high, with players working around the table to achieve it. People’s republic of china is […]
Digital Yuan: China records first case of money laundering
TL;DR Breakdown China records first illegal use case of digital yuan. 11 criminals arrested, to face trial of illegal use of cbdc. China warned about sophisticated scam with CBDC before now. Ever since the digital yuan, China’s CBDC has been rolled out for its final test, the digital currency has never been used to commit […]
Digital Yuan: More than 140 million accounts have been registered
TL; DR Breakdown China’s PBoC boss claims users have opened more than 140 million accounts He says corporate entities have opened about 10 million accounts China witnessed a 3000% increase in digital yuan transactions in one year China has shown that it has no plans to relent in its quest to officially roll out its […]
China wants McDonald’s to increase its digital yuan testing
TL;DR Breakdown China wants McDonalds to speed up its digital yuan testing McDonald’s is testing the pilot digital yuan across 270 outlets China wants to launch its digital yuan by February 2021 Central Bank Digital Currency (CBDC) has now become something that every country wants to adopt. With China still, far ahead, the government makes […]
Beijing airport pilots e-CNY payments service
TL; DR Breakdown Beijing airport is piloting a digital yuan (e-CNY) payment system. Passengers will use it for transactions within the facility. China is at an advanced stage of adopting e-CNY. Analysts believe that the currency could become the global reserve currency. Beijing airport is testing a digital yuan (e-CNY) payment service. China’s Civil Aviation […]
G7 countries release proposed principles for CBDC distribution
TL; DR Breakdown Officials from G7 countries release a report on suggested principles for CBDC implementation. The guidelines hope to bring an answer to the risks involved in the process. After a series of delegations, G7 countries decided on the regulations to make CBDC implementation more seamless. As per a report on October 14, the […]
Major Chinese banks consider expanding “digital yuan” to fund and insurance
TL;DR Breakdown: Chinese banks want to expand digital yuan utility so that holders can buy funds and insurance with it. The e-yuan trial has been successful as over $5 billion were transacted in June. As part of the “digital yuan” pilot program, two state-owned Chinese banks said they are exploring ways to extend the applicability […]
PBOC goes tougher on firms, shut 11 more
TL;DR Breakdown China central bank clampdown on 11 firms for engaging in illegal crypto activities. China clampdown on crypto has taken massive toll on crypto industry. The Peoples Bank of China (PBOC) has again clampdown on 11 firms based in Shenzhen for engaging in ‘illegal cryptocurrency activity.’ Shanghai Securities Journal, a state-owned media firm, reported […]
Digital Yuan: Smartphone with CBDC wallet launched in China
TL;DR Breakdown Honor unveils Magic3 smartphone with digital Yuan wallet. Chinese digital Yuan to lead global CBDCs race. International Organization continues to seek relevance in the fast-expanding cryptocurrency space as a result, Honor has unveiled the first Snapdragon-powered smartphone to support the Chinese digital Yuan. According to the announcement, Chinese smartphone manufacturers Honor will roll […]
Crypto crackdown: China vows to continue enforcement
TL;DR Breakdown China says it will intensify crackdown on cryptocurrencies. China stiff crypto regulation forces exchanges out of the country. China rumored to hate crypto because of digital yuan. China has again reiterated its ongoing effort on crypto crackdown. In a statement on Saturday, the People’s Bank of China (PBOC) said it will maintain high […]
Digital Yuan: China steps further as CBDC debuts in insurance industry
TL;DR Breakdown China CBDC debuts in insurance industry. University professor says digital yuan is important in insurance industry to extend its use in beyond e-commerce and retail payment. China continues to lead in CBDC test. The Peoples’ Bank of China has continued making landmark achievements with the Digital Yuan after the pilot test began. The […]
Olympics 2022: US legislators forbid American athletes from using Digital Yuan
TL;DR Breakdown US legislators wants to stop American athletes from using digital yuan in the 2022 Olympics. Legislators allege digital yuan can be tracked and traced by China. Legislators claim new features have been deployed on WeChat to surveil and arrest China citizens by the Chinese government. Three US senators have signed a letter for […]
China CBDC will be a cancer for US capitalism, says Kyle Bass
TL;DR Breakdown American billionaire Kyle Bass worried about China CBDC, says it is bad for US Kyle believes the Digital Yuan is communist, and against the US capitalist ideology China continues to lead global race in CBDC launch Kyle Bass, an American billionaire, founder, and CIO of Hayman Capital Management, has warned the US that […]
China takes crypto crackdown to another level, shuts company for suspected crypto trading
TL;DR Breakdown China bans entertainment firm for suspected crypto involvement China crackdown on crypto is intensifying as more crypto firms come under scanner China has taken their crypto crackdown to a new level after shutting down an entertainment firm suspected to be into crypto trading. The firm is said to have a Non-Fungible Token (Mao […]
China further pushes Bitcoin price down with stricter regulation
TL;DR Breakdown China further cracks down on cryptos How crackdown slipped BTC price down by $2,000 China has pushed the price of Bitcoin further down after the Agricultural Bank of China placed a ban on its customers from interacting with Bitcoin. It led to a drop in the price of the number one cryptocurrency. Bitcoin […]
China has introduces blockchain-based digital yuan to pay salaries in Xiong’an
TL;DR Breakdown China has debuted the first digital currency backed by China, digital yuan This payment system was introduced in Xiong’an New Area This will be the first blockchain-powered CBDC for payments of salaries China’s stance on cryptocurrencies is clear despite the rumors. After the rumors that Bitcoin was banned in China, China came out […]
France, Switzerland hint at cross-border CBDC
TL;DR Breakdown France, Switzerland to trial cross-border CBDC Digital Yuan, inspiration behind project? Switzerland, France says project doesn’t mean a CBDC is in sight The Bank of France and the Swiss National Bank, the apex bank of both France and Switzerland, are currently working on an experimental cross-border CBDC (Center Bank Digital Currency), dubbed “Project […]
$3 million digital yuan to be airdropped in Shanghai
TL;DR Breakdown $3 million digital yuan to be given to Shangai residents Air drop aimed at improving CBDC adoption Africa joins race for CBDC Shangai has announced that it would be airdropping digital yuan worth $3 million to 350,000 consumers in a lottery-style system. The airdrop is to grow the digital yuan further. The municipality, […]
China CBDC would only be for domestic use after launch
TL;DR Breakdown China to use CBDC locally after launch. China to take CBDC test to more regions. Zhou Xiaochuan, a former Governor of the Peoples Bank of China, has said that the China CBDC (Central Bank Digital Currency) would be utilized locally instead of a global use immediately after the currency goes public. According to […]
Digital Yuan tests: China and Hong Kong test cross-border digital Yuan
TL;DR Breakdown Chinese CBDC used for transactions across border. PBoC calls for cooperation and world-wide interoperability. Digital Yuan makes debut cross-border transaction China successfully completed a first international test of its CBDC. The pilot test was carried out between China and Hong Kong. An official at the Peoples Bank of China (PBoC), Wang Xin, said […]
XRP ledger that supports CBDC coming soon
TL;DR Breakdown Central Banks could leverage Ripple’s XRP ledger interoperability. CBDCs continue to gain worldwide acclaim. Ripple undeterred despite legal battle with U.S. SEC. With the world edging closer to the creation and adoption of Central Bank’s Digital Currencies (CBDC), the Ripple team have announced that it is on course to introduce an XRP ledger […]
Biggest digital Yuan trial to be rolled out in Chengdu, China
TL;DR Breakdown China begins massive digital Yuan allocation in Chengdu. Chinese Digital Yuan becomes the leading CBDC. Digital Yuan, not a threat to other centralized digital payment platforms according to PBoC. The People’s Bank of China (PBoC) has announced that it will begin the roll out of its digital currency in Chengdu, China. This is […]
Digital yuan: China tops $17M in CBDC issued
TL;DR Breakdown: Beijing and Suzhou will distribute about $6 million digital yuan on Wednesday. In total, more than $17 million of the CBDC has been issued under test. According to an SCMP report on Monday, two major cities in the Republic of China, Beijing, and Suzhou, are planning to issue more digital yuan to local […]
Digital Yuan: China to airdrop $4.6 million, extends testing to Sichuan
TL;DR Breakdown Next phase of CBDC testing is in Sichuan. Series of airdrop for Sichuan residents. China have begun talks once again about advancing the launch of its long-anticipated Digital Yuan as it is set to progress to the next stage. Local reports in China suggest that Sichuan’s capital Chengdu will be the next place […]
Chinese bank debuts digital yuan-supported ATMs
TL;DR Breakdown: A digital yuan-supported ATM is being tested in Shenzhen. This comes in support of the ongoing CBDC tests in the region. The central bank of China (PBOC) is apparently taking more time to prepare for an effective launch of the national digital currency. Under the pilot program, the digital yuan has been given […]
China’s cryptocurrency journey explained
TL;DR Breakdown China is growing in influence. China is leading in the crypto race. China has prohibited all other crypto coins. China’s cryptocurrency journey explained China is very influential, mostly because most of the products we purchase are made in China. The US and China compete for influence on the culture and the industries of […]
Is XRP investment the best cryptocurrency for beginners?
TL;DR Breakdown Bitcoin, Litecoin, Ethereum, XRP worthy investments. XRP is the most affordable and promising crypto option. XRP has leapt up in price recently. Is XRP investment the best cryptocurrency for beginners? As someone who is avidly exploring and writing about the crypto world, I see it as wise to invest in a cryptocurrency. I […]
