China records almost 20,000 digital yuan transactions on JD.com
TL:DR Breakdown: Suzhou digital yuan giveaway attracted massive participation from residents. The digital currency was mostly used by the younger generation to purchase items on JD.com. Following the $3 million digital yuan giveaway by the authorities in China’s Suzhou city, Global Times recently reported significant use of the country’s digital currency in JD.com, one of […]
Digital yuan: Chinese DiDi, Meituan, BiliBili to support Suzhou giveaway
TL:DR Breakdown: Popular Chinese companies are reportedly supporting the Suzhou digital yuan distribution. The companies said residents could spend the cryptocurrency on their services. Three big-name Chinese companies – DiDi, Meituan, and BiliBili – will support the upcoming Suzhou digital yuan distribution, as a local business outlet, CLS, reported on Friday. The authorities in Suzhou […]
Digital Yuan: JD.COM plans to support purchases with Chinese CBDC
TL:DR Breakdown: Chinese online retailer JD.COM has announced plans to support the digital yuan. The cryptocurrency will be used to purchase several items from the company once support is completed. Several companies in China, including the local authorities, are continually rolling out support for the long-planned digital yuan. However, the launch date remains unknown. JD.COM […]
Digital yuan: Suzhou sets to introduce Chinese CBDC
The city of Suzhou is reportedly preparing to give away digital yuan to locals. Suzhou will become the second region to introduce the CBDC. The Chinese digital yuan has been under trial for a long time, although no specific data has been declared for the launch. In a recent month, the province of Shenzhen gifted […]
Digital Yuan growth continues at pace as 4,000,000 transaction milestone reached
China’s digital yuan surpasses 4,000,000 transactions. There are plans to expand the pilot to Suzhou, Chengdu, and South Beijing. The news comes as the European Central Bank and the Reserve Bank of Australia announce their own digital currency initiatives. Digital Yuan pilot picks up pace as volumes double and 4,000,000 transaction milestone is reached. The […]
China supports a new virtual card
The countries UnionPay will assist in payments with developments for a virtual card. UnionPay is the world’s most significant debit and credit card organization, and it will partner with South Korean cryptocurrency to launch the card. The new deal for Danal to be an option on the crypto card will set off towards the end […]
BOCHK crosses crypto over the border for the first time
BOCHK has successfully run cryptocurrency transactions across the border via blockchain. The action was a collaboration between the Bank of China Hong Kong and the Bank of China via its segments Shenzhen and Guandong. The transfer was in line with the birth of eTradeConnect as well as the Trade Finance Blockchain Platform in China. BOCHK […]
Digital yuan: China processed over $299M so far using CBDC in pilot
PBOC governor has confirmed that the ongoing tests for the digital yuan have been running smoothly. So far, more than for million transaction have been conducted using the digital currency in pilot mode. The Chinese long-planned central bank digital currency (CBDC) has been under pilot mode for a long time. The digital yuan is precisely […]
Digital Yuan won’t compete with AliPay and WeChat, PBOC official clarifies
Digital yuan will be compatible with AliPay and WeChat, but not as a competitor. However, the digital currency won’t be distributed via private mobile payment platforms. As the Republic continues to trial and updates necessary factors to ensure the feasibility of the digital yuan, the central bank official recently clarified that the digital currency’s relationship […]
Digital Euro politically motivated, says German central bank executive
Decision to consult on a digital Euro ‘political’ according to Burkhard Balz Fears that falling behind in the digital currency race will weaken Europe’s monetary policy measures Throughout 2020, discussion of a central bank digital currency for the EU has been justified so far by the need for increased cashless transactions in the wake of […]
PBOC deputy governor urges China to accelerate digital Yuan launch
Chen Yulu, the Peoples Bank of China (PBOC) deputy governor, has urged China to speed up efforts in launching the digital Yuan. This is even though China leads globally in the race for a CBDC launch. According to the PBOC deputy governor, research and development for the digital Yuan should proceed faster. Chen said that […]
Chinese CBDC: Shenzhen plans to airdrop 10 million RMB in digital Yuan
Shenzhen wants to airdrop 10 million RMB via the national digital currency. The CBDC can be spent in more than 3,000 stores in the city. The authorities in China’s province of Shenzhen are planning to airdrop the soon-to-launch Chinese CBDC to its local residents. Reportedly, this will mark as the largest campaign initiated as part […]
China CBDC completes transaction worth $162 million in pilot phase
The digital Yuan, China CBDC has achieved another milestone as it sets to be integrated and launch fully into the country’s economy. A recent report has it that the digital currency has been used to process transactions worth 1.1 billion yuan ($162 million) despite being in its pilot testing phase. Peoples Bank of China deputy […]
Ripple CEO believes that interoperability is key to the success of CBDCs
Ripple CEO, Brad Garlinghouse is convinced interoperability is the main reason why the creation of a Central Bank Digital Currency (CBDC) would not threaten Ripple’s cross border payment system. In his statement, the Ripple CEO said the presence of interoperability puts Ripple’s cross-border payment system far ahead of the digital currency. Countries around the world […]
China’s CBDC wallet set to be developed by PBoC, JD.com
JD.com, an e-commerce firm in China, has partnered with the Digital Currency Research Institute of People’s Bank of China (PBoC) to promote the creation of wallets that support China’s CBDC (Central Bank Digital Currency). This is as China prepares for the launch of its digital Yuan. The partnership would promote the development of mobile applications […]
CBDCs and blockchain: The question of trust
This is one of the conclusions of the European Blockchain Convention Virtual 2020 conference held on September 21st. Due to the Covid-19 pandemic, Martin Diehl from Deutsche Bundesbank’ and Swiss central bank’s Thomas Moser agreed during the virtual discussion that the world’s CBDC plans, such as China’s digital yuan, don’t need blockchain technology. They both […]
Digital banks: Central Bank of Philippines set to publish framework
In a move that will see the emergence of digital banks across the country, the Philippines Central Bank is planning to lay down a framework that will support digital banking. According to the words of the Deputy Governor of Bangko Sentral ng Pilipinas, Chuchi Fonacier, the bank is set to release a memo detailing the […]
Retail CBDC launch considered by ECB
President of the European Central Bank (ECB) has said that Europe is currently pushing for the creation of a retail CBDC after confirming that they have been behind in the talks about digital payments creation. The ECB is set to look into the prospect of creating a retail CBDC (Central Bank Digital Currency) after it […]
China Construction Bank DCEP wallet registration begins
China Construction Bank has begun DCEP wallet registration, the country’s upcoming digital Yuan cryptocurrency. With the world prefixed on the digital Yuan, DCEP wallet registration marks an important step in China’s realization of a central bank digital currency. Digital currency electronic payment, or DCEP, is a project overseen by the Central Bank of China. Now, […]
Digital Yuan tested in small retail transactions
People’s Bank of China ((PBoC) has claimed that the Digital Yuan is currently being tested on a small scale. Last week saw reports flying around that China developed digital Yuan was being tested on a large scale across various key cities in the country. In a new twist, the premier bank in the country has […]
Should the rise of CBDC be a concern?
Experts and analysts have warned of the rise of CBDC(Central Bank Digital Currency) which might rob most people of their privacy. Even though there have been mixed reactions following the rise of CBDCs, the fact remains that most countries are adopting it. Developed and developing countries have made plans to develop their own CBDC, which […]
MIT and Boston Fed launch research on CBDC creation
The Federal Reserve and Massachusetts Institute of Technology are about to begin research on CBDC creation. Despite massive moves from countries around the world regarding creating a Central Bank Digital Currency (CBDC), the United States of America has remained unmoved in that aspect. The White House has been silent over the possibility of looking into […]
US-China tension: fragility of US economy responsible for surge in BTC price?
Analysts have speculated that the US-China tension is crucial in the rise of Bitcoin’s price. With the tension between the US-China tension not looking to abate soon, the United States (US) economy is gradually succumbing to its effects. With the known fact that the trade war stands to give Bitcoin an edge, experts have also […]
CBDC is helicopter money, says Tomas Holub of Czech central bank
Tomas Holub, a Czech National Bank board member, has said that CBDC is helicopter money. His remarks are different from other central bank spokespersons who are actively looking to experiment with central bank digital currencies. Theoretically, helicopter money is considered harmful as it can stoke unnecessary inflation. The world is warming up to the concept […]
China unveils grand Beijing blockchain plan
A grand Beijing blockchain plan covering many facets of daily life has been unveiled by the provincial administration. With an aim to make Beijing the global hub of blockchain technologies by 2022, the Chinese authorities have created a 145-page extensive plan covering every sector, including banking, industrial, education, administration, and more. Chinese are charging ahead […]
Digital Yuan: Chinese biggest food delivery app plans to test DCEP
The long-proposed blockchain-based digital Yuan might garner a significant percentage of the country’s digital payments, as the Central bank continually plans to test it with big companies in the country. Today, Meituan Dianping, the biggest food delivery service in China, has been reportedly enlisted to explore the central bank digital currency. Digital Yuan to be […]
China’s digital currency: Chinese ride-hailing giant Didi signs to test DCEP
A popular Chinese transportation company, Didi Chuxing, will be joining in to trail long-proposed China’s digital currency. This will enable its Chinese users to utilize the digital Yuan amongst other popular payment methods, while still promoting the digital ecosystem in the travel industry. Didi signs to trail China’s digital currency According to the announcement on […]
Private stablecoins are a dead end, SFB Technologies
Private stablecoins are worthless when compared to central bank digital currencies (CBDCs), said the chief economist from New York-based fintech firm SFB Technologies, Peter Dittus. Stablecoins – Future of money? The future of money has been a significant talking point among leading economists and industry leaders ever since Bitcoin came into existence, challenging the […]
Thailand CBDC set to launch as country keeps up with financial innovation
Taking a cue from countries already working on their central Bank Digital Currency (CBDC), Thailand CBDC also has begun processing its digital currency with recent reports that the country is set to develop the prototype of the payment system for businesses using the digital currency. Bank of Thailand (BOT), the apex bank in the country, […]
Backend infrastructure for China’s digital currency now complete says Chinese official
The Chinese central bank is another step closer to the complete preparation of China’s digital currency. One of the officials of the Chinese bank mentioned that the backend of the planned CBDC has been completed. Already, the digital currency is being tested in about different provinces in the country. Another step closer to China’s digital […]
Blockchain development full steam ahead for the U.S., China
The ravaging COVID-19 pandemic has shown that a new world is possible as it has opened fresh opportunities for blockchain development in the United States. This is according to Perianne Boring, the president of the Chamber of Digital Commerce in Washington, D.C. Boring highlights, however, that one major issue hindering the proliferation of blockchain technology […]
China’s digital currency could undermine Bitcoin, US dollar, and payment systems
The authorities in China are significantly testing and preparing the launch of their long-awaited digital currency (DCEP), although no official date has been announced yet. However, many observers are speculating that China’s digital currency could possess threats against the US dollar, Bitcoin, and other payment systems in the country. China is intensely preparing for DCEP […]
Chinese e-Yuan goes Live – End of Bitcoin dominance?
The long-awaited Chinese e-Yuan has been released, and investors are all gearing up to jump in on the bandwagon. Central bank digital currencies are gaining momentum, with more than 70 percent of nations working to create state-backed cryptocurrencies. China is leading the CBDC race. President Xi Jinping has already remarked that blockchain development is crucial […]
Chinese Communist Party shifts focus on crypto with launch of new book
After learning about blockchain and artificial intelligence the Chinese Communist Party officials have shifted their focus on crypto as a part of their learning about disruptive technologies through a series of books. By now, everyone is aware that the China of tomorrow is counting on the underlying technology of Bitcoin to emerge as the ultimate […]
Digital Yuan would soon dominate cash, ex-CB President Zhou Xiaochuan
The government of the people’s republic of China is planning to launch its currency, Yuan, in a digital format with the development said to have been discussed by some key figures in the country. As a means to put the credibility of the digital yuan to test in the outside world, some government workers in […]
Tencent’s blockchain accelerator initiative goes public
Chinese multinational conglomerate and tech behemoth Tencent has rolled out a blockchain accelerator program called the Tencent Industrial Accelerator, which is open for public participation, according to the company’s official website. While China is moving ahead full throttle on its mission to build a robust nationwide blockchain network, which is expected to reinstate its position […]
There’s only one real winner in the US-China trade war – Its crypto
Long before the COVID-19 ravaged the markets, the US-China trade war was putting a question mark on the world economy. President Donald Trump brazenly bashed China on global trade events and forums and even enacted policies that promoted local manufacturing. His motto ‘America First’ grabbed headlines and promoted the US-China trade war in media circles. […]
US, China draw battle lines as coronavirus outbreak derails global economy
As the coronavirus outbreak continues to ravage across the United States, leaving a devastating impact on the global economy by severely damaging the industrial activity of the world’s two most significant and largest economies, Forbes reports that this could very well be the beginning of the end of the US dollar dominance. President Donald Trump […]
China CBDC testing list features Starbucks and McDonald’s
The ambitious China CBDC testing schedule is set to begin on a commercial scale. The experiment will cover many industries, sectors, companies, and even government services. Now, the authorities have announced that chosen international brands operating will also be a part of the China CBDC testing process. The list of testing centers for Chinese central […]
Digital yuan could be tested by McDonald’s, Starbucks and Subway
Rumors have it that there is an upcoming real–world test of the proposed China’s digital yuan. According to a local Chinese publication called Interchain Pulse, a promotion conference took place on April 22 in the city of Xiong’an, which is situated close to China’s capital of Beijing. Among the participants in the piloting phase include […]
