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Hong Kong’s Largest Virtual Bank Offers Crypto Conversion Services
15.4.2023
ZA Bank, Hong Kong’s biggest virtual-only lender, intends to expand its business into the region’s growing digital assets sector. The banking platform will offer crypto-to-fiat conversions and account services as the Chinese financial center is seeking to embrace the industry. ZA Bank to Provide...
China’s CBDC Registers Housing Aid Firsts – Digital Yuan Adoption Gathers Pace?
14.4.2023
It has been another busy week for China’s central bank digital currency (CBDC), the digital yuan, with the token finding new usage cases in the fields of housing aid public resource transactions.
Xinhua Daily reported that the Jiangsu Provincial Government Affairs Office has begun using the CBDC...
Analysts Weigh In on BRICS Currency as Tool to Face US Dollar-Based Sanctions
14.4.2023
Analysts have begun considering using a future BRICS currency to sidestep U.S. sanctions and the dollar’s influence in international markets. While the rise of the U.S. dollar was significant to spur an era of economic growth after World War II, the so-called weaponization of its ubiquitous...
Bank of Russia Analysts Note Ditching US Dollar Is ‘Hardly Possible’ Without Structural Changes to Foreign Trade
14.4.2023
A report from the research department of the Bank of Russia shows that, due to the structure of foreign trade contracts, it will be difficult to ditch the usage of the U.S. dollar to settle payments. The analysts found that contracts are often denominated in U.S. dollars and that most transactions...
Russian Central Bank Attributes Recent Ruble Depreciation to Lower Forex Sales by Exporters
12.4.2023
The Russian central bank has attributed the ruble’s latest plunge against the U.S. dollar to the temporary reduction “in sales of foreign currency earnings by exporters.” The central bank also revealed that the Chinese yuan accounted for 39% of the Russian forex market’s...
420,000+ Merchants in Changsha, China Accept CDBC Pay – Is Digital Yuan Adoption on the Rise?
12.4.2023
More than 420,000 merchants in Changsha, China, now accept payments in the digital yuan, China’s central bank digital currency (CBDC).
The city is located in Hunan Province and was added to the pilot in April 2021.
In February this year, Changsha authorities said that 300,000 merchants in...
Hong Kong virtual bank to offer crypto conversions and accounts: Report
12.4.2023
The account services for crypto firms come at a time when U.S.-based firms are struggling to find local banking partners and are frequently looking abroad
Roubini: We’re Shifting to ‘Bipolar’ Global Reserve Currency System With Chinese Yuan as Alternative to US Dollar
12.4.2023
Economist Nouriel Roubini, also known as “Dr. Doom,” predicts that the global reserve currency system will shift from unipolar to bipolar. He expects most countries that attempt to reduce their reliance on the U.S. dollar to propose the Chinese yuan as an alternative to the USD. Roubini...
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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China Makes Advances in Ditching the US Dollar for Settlements — Inks Deal With Brazil and Completes First Yuan LNG Purchase
31.3.2023
China has been advancing its goal of positioning the yuan as an alternative to the U.S. dollar for settling international payments. The Chinese government recently struck a bilateral deal with Brazil to settle trades using their national currencies and completed a purchase of Liquefied Natural...
Former Treasury Official Warns of Complete Economic Implosion if US Dollar Loses Global Reserve Currency Status
29.3.2023
Former Assistant Secretary for Public Affairs for the U.S. Department of the Treasury Monica Crowley has warned of “catastrophic” consequences if the U.S. dollar loses its status as the world’s reserve currency. “That would mean the end of the U.S. dollar,” she said, predicting that “there would...
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...
Putin, Xi Vow to Use Yuan as Russia and China Move to Settlements in National Currencies
22.3.2023
As part of the talks that Russian president Vladimir Putin and Chinese president Xi Jinping are currently conducting in Russia, Russia has vowed to move to use the Chinese yuan as a settlement currency with countries in Asia, Africa, and Latam. Putin expressed that using national currencies...
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...
KuCoin Has Closed a $10M Funding Round Into CNHC. But Is the Offshore Yuan Right for a Stablecoin?
15.3.2023
Circle Ventures, the venture arm of the USDC-issuer, and IDG Capital also joined the round