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Central Banks Reduce US Dollar Holdings, Plan to Increase Chinese Yuan Exposure, Study Shows
11.7.2023
A study by a $1.5 trillion asset management firm has revealed that central banks are reducing their U.S. dollar holdings while seeking to increase Chinese yuan holdings. “Central banks are diversifying currency holdings, stirred by geopolitical uncertainties and attractive opportunities...
BRICS Bank Official Discusses Common Currency as Reports of Gold-Backed BRICS Currency Gain Attention
9.7.2023
The BRICS Bank’s vice president and chief financial officer has shed light on the economic bloc’s aspiration to develop a common BRICS currency. His remarks followed recent reports suggesting that Russia has confirmed the BRICS’ plan to introduce a gold-backed common currency, with...
Crypto Biz: Winklevoss slams Silbert, Twitter’s double-edged sword and more
8.7.2023
This week’s Crypto Biz also explores Gemini’s fight with the Digital Currency Group (DCG) over user funds, new banking tools for the digital yuan, and OpenAI’s efforts to stop users from jumping paywalls
Beijing Set to Debut ‘New Digital Yuan Application Scenarios’ – What Next for the CBDC?
7.7.2023
Beijing, China, says it will introduce “new digital yuan application scenarios,” and wants to take the lead in the adoption of the central bank digital currency (CBDC).
Per the Securities Times, the comments were made by Zhao Wei Jiu, the Deputy Director of the Beijing Local Financial Supervision...
Chinese Banks Join Beijing’s Efforts to Integrate CBDC With Social Security Cards
6.7.2023
Chinese state-owned banks are set to join efforts to integrate the nation’s central bank digital currency (CBDC), the digital yuan, with government-issued social security cards.
Late last month, the Chinese Ministry of Human Resources and Social Security said it wanted to “explore and promote”...
Today in Crypto: NFT Royalties Reach Lowest Point in Two Years, Two Teens Arrested for BTC and ETH Scam, India and 18 Central Banks Discuss Using Digital Rupee for Cross-Border Payments
5.7.2023
Get your daily, bite-sized digest of cryptoasset and blockchain-related news – investigating the stories flying under the radar of today’s crypto news.__________...
Read More: Today in Crypto: NFT Royalties Reach Lowest Point in Two Years, Two Teens Arrested for BTC and ETH Scam, India and...
DBS Bank China Launches Digital Yuan Merchant Collection Solution
5.7.2023
Crypto-friendly bank DBS announced the launch of a digital yuan merchant collection solution for business clients.
The new payment solution will allow mainland Chinese businesses to receive payments in the central bank digital currency (CBDC).
The DBS merchant collection platform allows...
Crypto-friendly DBS Bank launches digital yuan payment tool
5.7.2023
Crypto-friendly bank DBS has conducted the first e-CNY transaction for corporate clients, involving a catering company in Shenzhen
Chinese City of Jinan Implements Digital Yuan Payments for Public Transportation Fares
5.7.2023
Jinan, the capital of the Chinese province of Shandong, has recently included the digital yuan as a means of payment for its public transportation system. According to local sources, digital yuan payments were implemented on July 1 in all city buses after being tested in just two bus lines. Jinan...
Latam Insights — Argentina Settles IMF Payment in Yuan; Brazilian CBDC to Be Launched in 2024
3.7.2023
Welcome to Latam Insights, a compendium of Latin America’s most relevant crypto and economic news during the last week. In this issue, Argentina settles part of its $44 billion debt with the International Monetary Fund (IMF) using the Chinese yuan, Central Bank of Brazil officials estimate...
Jinan, China: All Our Buses Accept Digital Yuan – And CBDC Customers Get Discounts
3.7.2023
Jinan, China, says all of its bus routes now accept digital yuan pay, and will incentivize adoption by granting discounts to central bank digital currency (CBDC)-paying passengers.
Per the news outlet Shunwang-Jinan Daily (via e23), the city said that all of its bus routes’ software and card...
Argentina Allows Banks to Open Yuan Accounts — Economist Says It Could Boost Chinese Currency as Safe Haven Alternative to US Dollar
2.7.2023
The central bank of Argentina has officially included the Chinese yuan as a recognized currency for making deposits in bank accounts. “Opening yuan accounts could attract more people and enterprises to exchange Argentinian peso to yuan, as more or less a ‘safe haven’ currency, instead of exchanging...
Chinese Firms Using Digital Yuan to Pay Electricity Bills
30.6.2023
Energy providers in China are adding digital yuan payment options, allowing companies and individuals to settle their bills in the nation’s central bank digital currency (CBDC).
Per the news outlet Dizo, the city of Suzhou’s Xiangcheng District’s drainage and sanitation companies recently used...
China Looks to Add Digital Yuan Functionality to Social Security Cards
30.6.2023
China may add digital yuan functionality to government-issued social security cards, in a possible new breakthrough for the central bank digital currency (CBDC).
Per the 21st Century Business Herald (via NBD), the Ministry of Human Resources and Social Security wants to “explore and promote” ways...
Today in Crypto: Germany's Financial Watchdog Reportedly Decides Against Granting Binance a Custody License, Binance to Lose Support of Its Euro Banking Partner, Slovakia Reduces Crypto Taxes
29.6.2023
Get your daily, bite-sized digest of cryptoasset and blockchain-related news – investigating the stories flying under the radar of today’s crypto news.__________...
Read More: Today in Crypto: Germany's Financial Watchdog Reportedly Decides Against Granting Binance a Custody License, Binance...
Shanghai Clearing House Introduces Support for Digital Yuan Settlements
28.6.2023
The Shanghai Clearing House, Asia’s first counterparty clearing institution, announced support for payments made with the digital yuan Monday. According to reports, the move will allow companies to settle transactions for commodities in bulk, promoting the digital yuan, the Chinese central...
IMF Director: Iranians, Brazilians, Saudis Switching to Trade in Chinese Yuan as De-Dollarization Gains Momentum
28.6.2023
The International Monetary Fund’s (IMF) executive director for Russia says a growing number of countries are switching to trade in Chinese yuan, not only with China but also with third countries. He stressed that it is wrong for the U.S. dollar to be widely used globally given that the U.S....
Yuan Usage Soars in Argentina: Over 500 Companies Request to Pay for Imports in Chinese Currency, Report
27.6.2023
Over 500 companies in Argentina have reportedly requested to pay for imports using Chinese yuan as the U.S. dollar shortage worsens. “The central bank doesn’t have dollars so it needs the emergency aid China is offering,” a trade economist in Buenos Aires explained. Chinese Yuan Usage Hits Record...
Argentina Settled Almost 20% of Its Imports in April and May Using the Chinese Yuan
20.6.2023
The government of Argentina has noted that 19% of all imports authorized in the national system were settled using the Chinese yuan in April and May. $2.72 billion in Chinese yuan were approved to complete these payments, taking advantage of the Chinese swap line to preserve the dollar reserves...
China Pilots Power- and Network-free CBDC Metro Payments
20.6.2023
The Chinese city of Quingdao will pilot an electricity- and network-free digital yuan public transport payments solution, marking another national first for the central bank digital currency (CBDC).
The news comes as another city in the pilot zone announced it will give away some $140,000 of CBDC...