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Dollar to Play Lesser Role Due to Its Weaponization, Digital Currencies, Economist Jeffrey Sachs Says
10.4.2023
Within the next decade, the U.S. dollar will play a much less dominant role than it is today, according to Jeffrey Sachs. The renowned economist listed a few factors for the diminishing status of the greenback such as its use as a political weapon by Washington, the introduction of currencies like...
310,000 Private Digital Yuan Wallets Opened in China’s Nanjing Since 2022 – Is the CBDC Taking Off?
4.4.2023
Citizens in Nanjing, China, have opened more than 310,000 personal digital yuan wallets – with other cities in the nation also posting similar statistics.
Per the Nanjing Daily (via JS News), private citizens in the city – the capital of Jiangsu Province – have opened “over 310,000 digital yuan...
China’s Digital Yuan Makes Import Tax, Commerce Breakthroughs – Are CBDCs Going Global?
31.3.2023
Central bank digital currency (CBDC) adoption continues apace in China – where the digital yuan is breaking new ground in the worlds of import taxation and cross-border commerce.
Securities Times reported that Guangdong, China, has begun issuing digital yuan import tax refunds....
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Huizhou, China, Enables Digital Yuan Tax Payments – Is CBDC Adoption Increasing?
28.3.2023
The city of Huizhou, in China’s Guangdong Province, has announced that businesses can now use the digital yuan – China’s central bank digital currency (CBDC) – to make tax payments.
Per HZ News, a construction firm named Huizhou Puli Curtain Wall Engineering recently became the first firm...
Digital Yuan Adoption Drives Now Focusing on Cross-border Pay – Are CBDCs Set to Take Over?
24.3.2023
A growing number of Chinese government city authorities, banks, and firms are looking to adopt the digital yuan as a payment tool – as the central bank digital currency (CBDC) rollout continues to intensify.
A number of similar measures in recent months suggest that Beijing is looking to build...
Chinese Employees Pay Social Insurance Fees, Taxes with Digital Yuan – Is CBDC Adoption on the Rise?
22.3.2023
A growing number of Chinese employees and firms can now use the nation’s Central Bank Digital Currency (CBDC) – the digital yuan – to pay their social insurance premiums and taxes.
Per reports from the Chinese media outlets JS China and NH News, citizens in Lianyungang and other cities in...
US Senator Ted Cruz tries again with new bill to block CBDC
22.3.2023
Ted Cruz said it is “more important than ever” to ensure the financial privacy of American citizens is preserved
China’s Fujian Province Has Processed $22bn Worth of Digital Yuan – Are CBDCs Taking Over?
17.3.2023
Residents and firms based in China’s Fujian Province have reportedly processed almost $22 billion worth of digital yuan transactions to date – as the nation’s central bank digital currency (CBDC) continues to gather pace.
The province was added to the CBDC pilot zone last year. And it broke ground...
Digital Real Pilot to Run on Ethereum-Compatible, Permissioned Blockchain
10.3.2023
According to the Central Bank of Brazil, the digital real pilot project will use an Ethereum-compatible, permissioned blockchain for the issuance of the tokenized version of the country’s currency. Hyperledger Besu, the open-source platform elected for the tests, will allow the project to...
China’s Wechat Adds Support for Digital Yuan Payments
8.3.2023
Chinese social media platform Wechat has introduced support for the state-backed digital yuan in its popular payment app. Over a billion users will now ostensibly be able to take advantage of fast payments with the digital currency issued by the People’s Bank of China. Wechat Pay Follows Alipay...
WeChat integrates digital yuan into its payment platform
7.3.2023
Chinese social media platform WeChat has incorporated the digital yuan in its payment app to boost the CBDC’s popularity
JD.com & Bank of China Join Mainland China-Hong Kong Digital Yuan Pilot
7.3.2023
Major business players are joining the Hong Kong-Mainland China “cross-border” digital yuan pilot – including the e-commerce giant JD.com and the Bank of China.
The Bank of China is one of Mainland China’s largest state-run commercial banks, while JD.com is arguably the nation’s answer...
Hong Kong citizens not interested in digital yuan: Reports
2.3.2023
Despite the 20% discount, the e-CNY hard wallets don’t attract much attention from the islanders
China's Digital Yuan Fails to Gain Traction with Hong Kong Visitors – Is China's Digital Currency Facing a Roadblock?
2.3.2023
Shenzhen, China started offering physical cards and discounts to Hong Kong tourists in order to drive the cross-border use of its digital yuan - but the first few days seem to have been a bit slow.
Per the state-backed Shenzhen News, the country's first digital yuan hard wallet self-service card...
US lagging on CBDCs could spell ‘trouble’ — Crypto Council policy head
1.3.2023
Fanusie doesn’t believe the Chinese-led CBDC movement on the global stage will replace the U.S. dollar, but it may cause a series of geopolitical headaches
China’s Digital Yuan Can Now Be Used to Pay Highway Toll Fees on Major Routes
27.2.2023
China’s digital yuan adoption drive is now focusing on transport networks. And drivers have been green-lighted to use the token to pay tolls on some of the nation’s busiest highways.
Per Shenzhen Securities Times and Sina Finance, Jiangsu Province’s Department of Transport has announced that toll...
China Begins Hong Kong ‘Cross-Border’ Digital Yuan Pilot
17.2.2023
Shenzhen, China, has begun a retail-focused “cross-border” digital yuan pilot with Hong Kong.
China Banking and Insurance News (via JRJ) reported that the event is the brainchild of the central People’s Bank of China (PBoC) and the Luohu District local government. Luohu is located close to Hong...
China’s 180M digital yuan airdrop, Devastation in Turkey, Laos’ CBDC: Asia Express
9.2.2023
Our weekly roundup of news from East Asia curates the industry’s most important developments. China airdrops 180 million digital yuan to celebrate Lunar New Year According to state-owned media Global Times, Chinese cities airdropped a total of 180 million digital yuan (e-CNY) worth $26.6 million...
Electricity- and Network-free Digital Yuan Payments Taking off in China – Report
8.2.2023
Electricity-free digital yuan payment adoption is reportedly on the rise in China – where smartphone users can spend their coins without a network connection.
Earlier this year, the central People’s Bank of China (PBoC)’s updated the official digital yuan app. The update allows users to...
China doles out millions in digital yuan in bid to boost adoption: Report
6.2.2023
Multiple Chinese city governments have given away millions worth of e-CNY to try to promote consumption around the holiday season