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Chinese Economist Urges Government to Reconsider Crypto Ban — Warns of Missed Tech Opportunities
2.2.2023
An economics professor and former adviser to the People’s Bank of China has urged the Chinese government to reconsider its ban on cryptocurrencies. He warned that banning crypto activities could result in missed opportunities that are “very valuable” to regulated financial...
China's Hainan to boost NFT oversight as digital yuan trial ramps
31.1.2023
Hainan's market regulator wants to promote NFTs as part of the digital economy, but will actively work to weed out bad actors and speculative behavior
China’s Digital Yuan Little Used, Former Central Bank Official Says
31.12.2022
Trials of the digital yuan have produced disappointing results, according to a report quoting the former head of research at the Chinese central bank. The new form of national fiat has brought no benefits to the banks and should expand beyond being employed only as a substitute for cash, the banker...
Former Chinese central banker says digital yuan ‘usage has been low’
30.12.2022
A former China central banker said cumulative e-CNY transactions only crossed $14 billion in two years, adding the results were “not ideal.”
Report: China Suspected of Stockpiling Gold to ‘Cut Greenback Dependence’
22.11.2022
During the first week of November, the World Gold Council’s (WGC) report that covered last quarter’s global gold demand noted that central banks worldwide purchased close to 400 tons of gold in Q3 2022. The study highlighted that it was the “most on record,” and the WGC researchers also...
Chinese Central Bank Governor: User Privacy and Financial Security Key Principles Guiding CBDC Design Process
2.11.2022
According to Yi Gang, governor of China’s central bank, the process of designing the country’s digital currency is premised on two principles, the protection of user privacy as well as ensuring “financial security.” To achieve this, the central bank’s role will...
Fed Governor Waller Skeptical of Central Bank Digital Currencies — Says He’s ‘Not a Big Fan’ of the Fed Issuing Digital Dollar
27.10.2022
Federal Reserve Governor Christopher Waller says he is not a big fan of the Fed issuing a central bank digital currency (CBDC). “It’s just a checking account at the Fed,” said the governor. Federal Reserve Chairman Jerome Powell recently said that the central bank has not decided...
Chinese Digital Currency Transactions Exceed 100 Billion Yuan, Central Bank Says
14.10.2022
Spending with China’s state-issued digital currency has surpassed 100 billion yuan, close to $14 billion, by the end of August, the country’s monetary authority revealed. More than 5 million merchants now accept the digital yuan in 15 Chinese regions as Beijing continues to expand the pilot areas....
Hong Kong to Start Testing Digital Currency in Coming Months
22.9.2022
China’s special administrative region of Hong Kong is going to trial а digital version of its dollar as early as this year, in preparation for eventual roll-out. The territory is trying to catch up with those that are already launching central bank digital currencies, including...
China to Expand Digital Yuan Testing in Pilot Cities to Provincial Level
21.9.2022
China’s central bank intends to enlarge the area covered by trials of its digital yuan currency in four regions of the country. A top representative of the monetary authority announced the move while highlighting that the People’s Bank has been stepping up digitalization efforts this...
Chinese Currency Breaches 7:1 Exchange Rate Against US Dollar for First Time in Two Years
21.9.2022
The offshore exchange rate of China’s fiat currency versus the U.S. dollar recently breached the 7:1 mark for the first time in over two years, after it touched a new 2022 low of 7.0188 yuan for every dollar on September 15. Similar to other global currencies that have depreciated in 2022...
Central Bank of China Calls for Increasing Use of Digital Yuan
12.9.2022
The People’s Bank of China has urged for widening of the array of use-case scenarios for its central bank digital currency. The monetary authority believes that deeper interconnection with traditional e-payment platforms will make the digital yuan more convenient for consumers....
China’s Yuan Continues to Depreciate Against Greenback, Real Estate Crisis Exposed 2 Decades of Accumulated Risk
26.8.2022
China’s sovereign currency, the yuan, has slid significantly in value during the last few months as it has shed 8% against the U.S. dollar during the first half of 2022. China’s fiat currency is currently the weakest it has been against the U.S. dollar in roughly two years. Amid...
Major Chinese City’s Metro Begins Accepting Digital Yuan Payments
24.8.2022
The city of Ningbo, in China’s Northeast Zhejiang Province, has announced that all 125 of its metro stations now accept digital yuan payment – as the Chinese central bank digital currency (CBDC) continues its adoption drive....
Read More: Major Chinese City’s Metro Begins Accepting Digital Yuan...
Chinese Parents to Use Digital CNY ‘Smart Contracts’ to Pay for After-school Lessons
18.8.2022
A Chinese state-owned commercial bank is set to pilot a digital yuan-powered “smart contract solution” that allows elementary school parents to pay for their children’s education using the e-CNY....
Read More: Chinese Parents to Use Digital CNY ‘Smart Contracts’ to Pay for After-school Lessons
Senators Introduce Bill to Limit Use of China’s Digital Currency in the US — ‘This Is a Major Financial and Surveillance Risk’
28.5.2022
Several U.S. lawmakers have introduced a bill to prohibit app platforms in the country from hosting apps that enable transactions using China’s central bank digital currency, the digital yuan. “The Chinese Communist Party will use its digital currency to control and spy on anyone...
Alipay Provides Digital Yuan Boost as COVID-19 Deals PBoC Blow
7.5.2022
The e-payments giant Alipay, part of the Alibaba business empire, has added an advanced search function for users wishing to use its platform to make payments using the digital yuan within the fast-expanding pilot zone....
Read More: Alipay Provides Digital Yuan Boost as COVID-19 Deals PBoC Blow
Digital Yuan Giveaway: Shenzhen Residents to Receive 15 Million Yuan in Digital Currency
29.4.2022
The Chinese government is giving away 15 million yuan in central bank digital currency (CBDC) to 130,000 residents of Shenzhen this Friday. The digital yuan can be used at nearly 5,000 stores with no minimum purchase required. Digital Yuan Pilot Continues China’s central bank,...
China’s Central Bank Adds More Digital Yuan Pilot Cities
5.4.2022
China’s central bank, the People’s Bank of China, has added more cities to test its digital currency. According to the latest official data, the digital yuan has more than 261 million users. PBOC Adds More Cities to Test Its CBDC The Chinese central bank, the People’s Bank...
China's share in Bitcoin transactions declined 80% post crackdown: PBoC
3.3.2022
China has carried out multiple crypto crackdowns and enforced numerous bans on crypto markets since 2013, however, Chinese traders have always found a way to bypass these bans