China’s PBOC facilitates global access to e-CNY payments
The People’s Bank of China (PBOC) has recently released a comprehensive service guide aimed at facilitating international visitors’ use of the digital yuan, officially known as e-CNY. The guide, titled “Explore the Splendors of China with e-CNY Service Guide for Visitors in China,” seeks to streamline the process for foreign tourists to make contactless payments […]
Chinese ministry uncovers fake Digital Yuan App – Here’s what you need to know
Amid the rapid development of digital currencies, the Chinese Ministry of Industry and Information Technology (MIIT) has issued a stark warning regarding the proliferation of counterfeit digital yuan applications. These fraudulent apps, masquerading as legitimate platforms for China’s central bank digital currency (CBDC), aim to deceive users and potentially compromise their financial security. The MIIT’s […]
Fraudulent digital Yuan schemes on the rise Chinese ministry issues urgent alert
The Chinese Ministry of Industry and Information Technology (MIIT) has issued a stern warning to the public regarding a surge in fraudulent schemes exploiting the burgeoning popularity of China’s central bank digital currency (CBDC), the digital yuan. The MIIT’s cautionary message comes in response to the emergence of counterfeit digital yuan applications designed to deceive […]
Digital Yuan Fraud cases surge, prompting security review
The digital yuan, China’s central bank digital currency (CBDC), is being exploited in sophisticated fraud schemes. Notably, a recent case in Shanghai highlighted how criminals use the digital yuan to commit financial crimes. The Shanghai High Court reported a unique “run-score” fraud involving the digital yuan, where perpetrators swiftly emptied an ATM within two hours. […]
Singapore and China launch Digital Yuan pilot for tourist transactions
Singapore and China have initiated a cross-border pilot program for the use of China’s central bank digital currency (CBDC), the digital yuan. This initiative, a collaboration between the Monetary Authority of Singapore (MAS) and the People’s Bank of China’s Digital Currency Institute (PBCDCI), aims to simplify transactions for tourists in both countries. Easing cross-border transactions […]
Standard Chartered Bank ventures into China’s Digital Yuan project
Standard Chartered Bank has announced its participation in the trials of China’s digital yuan, also known as the e-CNY. This move positions Standard Chartered as one of the first foreign banks to engage directly with China’s Central Bank Digital Currency (CBDC) initiative, highlighting a significant shift in the digital currency ecosystem. Digital Yuan: A step […]
China to start using digital yuan for cross-border payments
China’s ambition in reshaping global finance takes a leap forward as it gears up to integrate the digital yuan into cross-border transactions. This move, poised to bolster the nation’s financial influence, transcends the traditional monetary systems and paves the way for a groundbreaking change in international trade and payments. Far from being a mere digital […]
Digital yuan’s role in BRICS’ quest to dethrone the dollar
The BRICS economic coalition is making significant strides towards reducing its dependence on the U.S. dollar, and the digital yuan is playing a crucial role in this transformation. Recent advancements in the digital yuan have opened doors for the alliance and its members to envision a future less reliant on the U.S. dollar, highlighting a […]
The first international crude oil trade in digital Yuan by PetroChina
China has recently reported on achieving a milestone in its developments on transacting its first international trade on crude oil. In the world of financial investment, a groundbreaking development has been realized as China’s largest gas and oil company, PetroChina uses digital Yuan in its first oil payment. Digital Yuan, also termed as the Digital […]
Digital Yuan adoption soars as Minsheng bank and JD.com join forces
Minsheng Bank of China, a pioneer in digital yuan adoption, has partnered with e-commerce giant JD.com to launch an innovative digital CNY-powered payment solution. The collaboration aims to bring the benefits of China’s Central Bank Digital Currency (CBDC) to Minsheng Bank clients in the CBDC trial zone, offering them seamless CBDC payments on JD.com by […]
Chinese telecom firms show increased interest in digital yuan
Chinese telecom firms are becoming increasingly interested in adopting the digital yuan as the CBDC discovers new adoption zones, a recent report has said. The federal People’s Bank of China (PBoC) is eager to include the country’s largest operators, such as China Telecom and China Unicom, more deeply in the pilot, according to EY (via […]
People’s Bank of China reveals impressive digital yuan numbers: $250 billion and counting
China’s digital yuan has made impressive strides since its experimental debut 1.5 years ago, with transactions totaling approximately $250 billion, according to the People’s Bank of China governor Yi Gang. Revealing these impressive figures at a conference in Singapore, Yi Gang announced that the total translation volume had reached a staggering 1.8 trillion, with over […]
Changzhou’s cashless revolution: $700k in digital yuan tokens & coupons await
Changzhou, China, is gearing up for an exhilarating citywide shopping festival that promises to captivate residents and visitors alike. The city plans to distribute a staggering 700,000 digital yuan tokens and coupons for the festivities, signaling a significant step forward for the country’s central bank digital currency (CBDC) pilot program. To infuse an element of […]
What to know about DBS’ digital yuan payment solution
In the intricate weave of today’s global finance, DBS, one of Singapore’s most influential banks, is pioneering innovative solutions for the rapidly emerging digital currency market. In particular, the bank’s recent launch of an e-CNY merchant collection solution in China, marking one of the first foreign bank endeavors in this arena, is a significant step […]
China’s Jinan now accepts digital yuan for bus fare
Navigating the busy streets of Jinan, the heart of eastern China’s Shandong Province, has taken a significant stride into the digital age. The city now welcomes digital yuan, the innovative central bank digital currency (CBDC) of China, as a valid payment method across all its bus routes. This milestone marks an important chapter in the […]
China’s energy sector goes digital with digital yuan payments
China’s energy providers are embracing digital yuan payment options, enabling companies and individuals to settle their bills using the country’s central bank digital currency (CBDC). In a recent example, Suzhou’s Xiangcheng District drainage and sanitation companies utilized the digital yuan to pay an $83,000 power bill. The State Grid Corporation of China (SGCC), the nation’s […]
Shanghai Clearing House embraces digital yuan for settlements
In a groundbreaking development, Shanghai Clearing House, Asia’s foremost counterparty clearing institution, is welcoming the digital yuan as a medium of exchange for settlements. This measure heralds a new chapter in the realm of digital currencies as the Chinese central bank’s digital currency (CBDC) gains a firmer foothold in international commerce. Easing the way for […]
China’s Guanxi embraces CBDC for ASEAN trade bonds
China’s quest to cement its position as a global leader in digital finance is seeing the southeastern region of Guangxi Zhuang pioneer the use of the nation’s Central Bank Digital Currency (CBDC), the e-yuan, in trade with Southeast Asian countries. This latest development emphasizes China’s strategic drive to widen the scope of its CBDC on […]
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 […]
Goodbye to fiat? Chinese cities roll out digital yuan for Spring Festival
During the Spring Festival holidays, the cities in China organized digital yuan activities with a combined value of nearly $26.6 million in an effort to increase consumption, says a report from Global Times. In recent years, China has seen a fast development of the digital yuan, often known as e-CNY. This currency has emerged as […]
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 […]
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 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 […]
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 […]
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 […]
China Construction Bank unexpectedly primes Bitcoin for $3 Billion Bond
TLDR Breakdown Surging demand in China for Bitcoin China Construction Bank announces purchasing of bonds using Bitcoin Tight regulation of cryptocurrencies as China rolls out hotly anticipated digital yuan Speculative foundations for a new financial system China construction bank primes Bitcoin China Construction Bank, the world’s second-largest bank by assets, has announced a multi-phase plan […]
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 limits Digital Yuan use to commercial banks only
China is imposing limits on different areas post Digital Yuan launch. Digital Yuan would only be used at the Commercial banks. Alipay and WeChat also prohibited to use Digital Yuan. The central bank of China has extended the law to improve Digital Yuan’s accessibility. The law revision opens the public to exchange the digital unit […]
Digital Yuan lottery in China huge success
2 million Shenzen residents sign up for digital Yuan lottery 95% of winners have created a digital wallet and spent their prize Digital Yuan success is looking to challenge the American dollar Shenzen’s trial of the Chinese central bank’s digital currency – the digital Yuan – has gone spectacularly well. Initial interest prompted two million […]
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 […]
China’s Digital Yuan testing pushes into Beijing and Hong Kong
China has announced ongoing plans to initiate digital Yuan testing in Hong Kong and Beijing. Even though this year didn’t go the way most people planned, China has not wavered in its plans to launch a Central Bank Digital Currency. The development of the Digital Currency Electronic Payment (DCEP) has been ongoing for a while […]
Chinese investor turned to scam after losing over $14K in crypto MLM scheme
Three digital currency traders in China were caught up in a fake crypto MLM scheme, losing thousands of dollars. To recoup the losses, the deceived investors launched another digital currency investment scam, which ended up gathering three times the initial amount lost in the fake digital currency scheme. Chinese investor lose 100,000 Yuan in fake […]
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 […]
Central Bank of Canada CBDC underway as institution advertises for project Manager
A Central Bank of Canada CBDC appears to be underway if a job positing for a CBDC project manager is anything to write home about. The financial institution has been working behind the scenes to develop its native central bank digital currency (CBDC). After a job posting for the position of the projects’ manager on […]
Crypto siege in China and Brazil as South Korea embraces digital fiat
A crypto siege appears to be looming in China and Brazil. This comes after one of the biggest banks in Brazil freezes several accounts belonging to firms trading in crypto and related digital assets classes. Caixa Economica, a government fully owned bank froze thee accounts only to reinstate them after five days. According to the […]
Is Digital Yuan bringing a new currency war?
The government of China has been running trials for an official new digital currency, and the “Digital Yuan” analysts are claiming that this new digital currency could potentially challenge the Bitcoin and the dollar. The official digital currency is also being dubbed the Digital Currency Electronic Payment System. This new system would be different from […]
Would Chinese Digital Yuan shift the US-China trade war?
The Chinese Digital Yuan is rushing towards its final phases, as the reports suggest while the truth of the matter remains that the United States and China trade war is expected to accelerate further in the post-COVID-19 pandemic aftermath. Chinese Digital Yuan in the lead China is leading the new battle by a great margin […]
Chinese digital currency to launch early as post-COVID-19 stimulus
The launch of the Chinese digital currency could be geared up to serve as a stimulus for the residents amid the Coronavirus pandemic. Part of the reason for the early launch of the digital currency is also to curb the potential threats by the United States on the country’s financial institutions. China digital currency to […]
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 […]
