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Project Mbridge Reaches Milestone: First Digital Dirham Cross-Border Settlement Goes Through
3.2.2024
The first cross-border digital dirham payment was completed by Sheikh Mansour Bin Zayed Al Nahyan, Chairman of the Board of the Central Bank of the UAE, using the Mbridge platform, a central bank digital currency (CBDC) liquidity and interconnection tool. The settlement involved sending 50 million...
UAE and China Complete First $13.6M Cross-Border CBDC Transaction
2.2.2024
The United Arab Emirates and China have executed their first cross-border central bank digital currency (CBDC) transaction valued at $13.6 million using digital dirham and digital yuan. According to People.cn, the 50-million-dirham ($13.6 million) transaction occurred via the m-CBDC Bridge platform...
Bank of Japan Holds First CBDC Meeting with Key Finance Officials
29.1.2024
Japan’s central bank and the Finance Ministry reportedly had their first meeting to discuss a potential central bank digital currency (CBDC) on Friday. Local outlet NHK News reported that executives from relevant ministries and central bank directors discussed issues regarding a CBDC. The Ministry...
Chinese Company Issues First $350 Million Tech Innovation Bond Raised in Digital Yuan
29.1.2024
A Chinese infrastructure company has successfully raised $350 million in digital yuan for its new technology innovation bond. According to Shanghai Securities News, the Shandong Hi-Speed Group issued the “Shandong Hi-Speed Group Co., Ltd. 2024 Public Offering to Institutional Investors...
Chinese Central Bank to Expand Digital Yuan Pilot in Hong Kong
26.1.2024
The central People’s Bank of China says it plans to expand its “cross-border” digital yuan pilot in Hong Kong. Per a Weibo post from the media outlet Caixin, and a report from The Paper, the Deputy Governor of the PBoC Xuan Changneng said the bank wants to “deepen the cross-border e-CNY pilot”...
China Proposes Digital Yuan’s Accelerated Adoption in Beijing and Shanghai
23.1.2024
China authorities have proposed new policies to accelerate the adoption of digital yuan in designated districts in Beijing and Shanghai. According to Xinhua, China State Council’s General Office has announced a comprehensive reform initiative for Shanghai’s Pudong New Area, scheduled to...
Shanghai Court Issues Verdict in First Digital Yuan Money Laundering Case
18.1.2024
A Shanghai court has issued a verdict for the first instance of money laundering using Chinese digital yuan and cryptocurrency, marking a significant legal precedent of crypto-related crimes in China. According to Shanghai Securities News, the Yangpu District People’s Court of Shanghai...
Chinese ‘Criminals Used Digital Yuan to Launder Money’ – Prosecutors
16.1.2024
Source: dule964Adobe Chinese law enforcers say they have shut down a gang that was using digital yuan wallets to launder money. Per the media outlet The Paper, the gang was allegedly active in the Yuecheng District, in the municipality of Shaoxing, Zhejiang Province. The Shaoxing Public Security...
Number of Chinese CBDC-related Criminal Cases on the Rise
11.1.2024
Source: blackday/Adobe China’s rapid CBDC progress is causing a rise in digital yuan-related criminal cases, including suspected fraud, identity theft, and phishing. Per the Shenzhen Securities Times, a Shanghai court this week convicted a group of criminals that exploited CBDC functions on an...
China Looks to Ramp up ‘Cross-border’ Digital Yuan Spending
1.1.2024
Source: Keitma/Adobe Chinese bank chiefs are looking to start 2024 by driving up “cross-border” digital yuan spending. Per the Haikou Municipal Commerce Bureau (via Hainan News), the tourism hub of Haikou has begun issuing over $706,000 worth of “offshore tax-free coupons” for digital yuan-paying...
China Unveils Digital Yuan Wallet Machine for Foreign Passport Holders
27.12.2023
A person’s hand holding US dollar banknotes at a banking machine. China has launched its first automated digital yuan wallet-opening machine for overseas passport holders. Per 21Jingji, the Bank of China’s Dongguan Branch has installed the machine at the Taiping branch of the Huangpu Customs Hall....
Bank of China Completes First Precious Metal Digital Yuan Settlement
22.12.2023
The Shanghai branch of the Bank of China has completed the first settlement of precious metals using the digital yuan. The transaction, finalized on December 19, allowed the Shanghai Gold Exchange to close a $14 million precious metal trade after receiving the funds overseas, according to local...
Chinese Bank Seals First-ever Cross-border CBDC-powered Precious Metals Deal
21.12.2023
Source: pla2na/Adobe The Bank of China has completed the world’s first cross-border CBDC-powered precious metals deal – a gold transaction worth some $14.1 million. Per the Shanghai Securities News and the China Securities Network, the deal involved the Shanghai Branch of the Bank of China,...
Banks Flock to Chinese Digital Yuan Pilot – 60 Now Offer CBDC Wallets
20.12.2023
Source: Sean K/Adobe Nine more banks have joined China’s digital yuan pilot, bolstering the number of banks offering CBDC wallets to 60. Per Beijing Business Today (via Sohu), the latest batch of commercial banks to join the pilot include three big city-based banks and six rural banks. City-based...
Ex-Central Bank Chief Says China ‘Must Lead World’ in CBDC Adoption
18.12.2023
Source: Eagle/Adobe The former Governor of China’s central bank, Dai Xianglong, has insisted that China needs to “lead the world’ in CBDC adoption, as the nation’s digital yuan pilot continues. Per a Weibo post from the media outlet Finance iFeng, former People’s Bank of China (PBoC) chief Dai said...
Bank Of China Completes First Cross-Border Digital Yuan Commodities Trade
16.12.2023
The Bank of China Hong Kong, the second largest bank in the region, has completed its first cross-border digital yuan-based trade. The transaction, finalized with its sibling bank, the Bank of China, served to receive the payment for an imported iron ore commodity bulk trade, establishing...
Russia-China CBDC Payments May Debut in 2024 – Moscow
15.12.2023
Source:Iliya Mitskavets/Adobe A top Russian politician says that Moscow and Beijing could begin using their CBDCs – the digital ruble and digital yuan – to make payments as early as 2024. Per the news agency Tass, the comments came from Anatoly Aksakov, the head of the State Duma Committee on...
Hong Kong Firms Make First Cross-border Digital Yuan Commodity Payments
15.12.2023
Source: leungc/Adobe Hong Kong-based firms have made the first “cross-border” commodity payments with the Mainland Chinese digital yuan, as the CBDC takes its first international steps. Per Hong Kong Today, several Hong Kong firms took part in the Bank of China (Hong Kong)’s “Enterprise Digital...
China and Singapore Team Up to Allow Tourists to Spend Digital Yuan
10.12.2023
Singapore and China have teamed up on a pilot to allow tourists in both countries to spend China’s central bank digital currency, the digital yuan. “This will enhance convenience for travelers when making purchases during their overseas travel,” Singapore’s central bank...
Chinese Cities Launch End-of-Year Digital Yuan Giveaways
8.12.2023
Source: Putra/Adobe More Chinese cities will give away digital yuan tokens and discount vouchers this month, as the People’s Bank of China (PBoC) looks to spur CBDC adoption. The Hebei News Network reported that the PBoC’s Hebei branch and local government authorities in the province will give...