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China Uses Digital Yuan to Recycle Gold, Pay Land Registry Fees
29.9.2023
Chinese firms, banks, and city governments are using the digital yuan to recycle gold and pay land registry fees as CBDC adoption efforts continue.
Per the fiance-focused media outlet JRJ, the Shenzhen Branch of the central People’s Bank of China (PBoC) has teamed up with the Shanghai Gold...
Russia’s Yuan Shift: EBRD Economist Warns of Waning US Dollar Dominance
28.9.2023
In a recent interview, the European Bank for Reconstruction and Development’s (EBRD) chief economist, Beata Javorcik, highlighted a notable trend: Russia’s growing inclination to transact in the Chinese yuan. This shift, the economist emphasized, could challenge the dominance of...
China Allows Visitors to Top Up Digital Yuan Wallets with Visa, Mastercard, Cash
28.9.2023
Trying to make the digital yuan more attractive for foreigners, China has added a “recharge before use” feature to its digital currency system. The upgrade will allow visitors from abroad to replenish a digital yuan wallet through the global payment networks Visa and Mastercard among other methods....
Chinese Tech Giant Tencent Joins CBDC Interoperability Pilot
28.9.2023
China’s Tencent, the operator of the WeChat and WeChat Pay platforms, will join central bank-led digital yuan and CBDC interoperability pilots.
WeChatPay, along with its rival Alipay, has cornered some 15% of the Chinese payments market.
But in recent years, Tencent has moved to align with...
Digital Yuan app adds prepaid Mastercard VISA top-ups for tourists
25.9.2023
The Digital Yuan app now allows tourists to top-up e-CNY wallets with Mastercard & VISA payment with 'recharge first and use later' option
Foreign Travelers Can Now Use China’s Digital Yuan App
25.9.2023
Visitors to China can now buy digital yuan tokens with overseas cards via the central bank’s official CBDC mobile app.
Per the China Business News, via Yicai, the bank has updated its app to allow visitors to China “to download the digital yuan app from app marketplaces.”
The platform has been...
Bitcoin Price Prediction: Fed's Stance, ETF Approval, & Yuan's Impact on BTC
22.9.2023
Bitcoin (BTC), the world's largest cryptocurrency, experienced a dip on Friday as it failed to maintain its upward momentum and dropped below $27,000.
Jerome Powell's statement about possible interest rate hikes caused a 1.5% decrease in the global crypto market to $1.06 trillion.
Bitcoin...
Chinese Banks, Firms Make Digital Yuan Smart Contract Progress
22.9.2023
Chinese banks and businesses want to step up their use of digital yuan-powered smart contracts, as the financial and industrial sectors eye CBDC progress.
Per the Securities Times (via Stockstar), the state-run Postal Savings Bank of China has “officially” co-launched the nation’s first...
Chinese “Super SIM” Cards to Feature New Digital Yuan Functions
21.9.2023
New Chinese “Super SIM” cards will function as digital yuan wallets, smartcards, and ID cards as the nation’s CBDC pilot continues.
Chinese mobile operators such as China Mobile have been working on so-called “Super SIM” offerings since 2016.
They have added a range of functionality to the cards...
Almost 490,000 Vendors in China’s Changsha Accept Digital Yuan Payments
20.9.2023
Nearly 490,000 vendors in China’s Changsha now accept digital yuan payments, the city’s government has claimed as the nation’s CBDC pilot continues.
Per the Changsha Evening News (via Huasheng Online), this year has seen Changsha expand its digital yuan use-case scenarios “into key areas such...
Shenzhen, China, Prepares Fresh CBDC Giveaway
19.9.2023
Shenzhen, China, is readying a new digital yuan giveaway as the city looks to showcase the CBDC at a range of upcoming sporting events.
Per Shanghai Securities News, the city is set to hand out e-CNY tokens to some 50,000 citizens as part of its latest adoption drive.
The coins will...
Chinese Central Bank Updates Digital Yuan App – Here’s the Latest
18.9.2023
The Chinese central bank has updated its digital yuan app, adding new CBDC-powered features, “service” options, and utilities bill payment functions.
The central People’s Bank of China (PBoC) released its mobile app in early 2022.
It followed up with a major update at the end of last year.
Per...
China May Explore New Silk Road/BRI CBDC Adoption – Digital Yuan Going Global?
15.9.2023
Beijing is getting bullish about the cross-border use of the digital yuan – with Chinese experts now talking about BRI/“new Silk Road” CBDC integration.
Per the Chinese Securities Journal, Li Jianjun, the Vice President of the Central University of Finance and Economics, spoke about the e-CNY’s...
More Chinese Firms Paying Workers in Digital Yuan
13.9.2023
More Chinese companies are using the digital yuan to pay their workers, as Beijing looks to spur the adoption of its CBDC.
Per the Huizhou Daily, the latest firm to trial paying staff in CBDC is a state-run bureau, a body that overseas finances at the Zhongkai High-tech Industrial Development...
Hong Kong Widens Testing of China's Digital Yuan to Additional Banks
8.9.2023
Hong Kong has entered the second phase of technical testing for China's digital yuan, expanding the trial to include more Hong Kong banks.
The Hong Kong Monetary Authority (HKMA) and the People's Bank of China have completed initial technical tests for cross-border payments using the digital yuan...
China Looks to Make ASEAN Digital Yuan Move – CBDC ‘Breakthrough’ Imminent?
8.9.2023
China is planning to showcase its digital yuan to the ASEAN nations, and could seek to make “cross-regional use” of its CBDC in the bloc.
Some of the ASEAN (the Association of Southeast Asian Nations) members are politically aligned with China.
But others are have closer ties...
China Wants the Digital Yuan to Be Ubiquitous in Retail Payments Arena
6.9.2023
China is pushing for universal national adoption of the digital yuan, with People’s Bank of China’s (PBOC) officials stating the currency should be available for all retail payment scenarios. The recent introduction of a standard for QR-based payment codes is part of this move, which...
Digital Yuan Will Revolutionize Chinese Retail Payments – Central Bank Exec
6.9.2023
A Chinese central bank chief has claimed the digital yuan will revolutionize the way the nation makes retail payments, and suggested the CBDC could one day “completely replace” cash.
Per Yicai, Mu Changchun, Head of the Digital Currency Research Institute at the People’s Bank of China (PBoC), made...
JPMorgan Analyzes De-Dollarization Risk, Potential for Chinese Yuan to Displace US Dollar as Reserve Currency
5.9.2023
JPMorgan has provided an analysis of the risks of de-dollarization and the potential for the Chinese yuan to displace the U.S. dollar as the world’s reserve currency. The global investment bank says the renminbi could assume “some of the current functions of the dollar among non-aligned countries...
Bank of China & E-commerce Giant Meituan Strike Digital Yuan Deal
5.9.2023
The Bank of China and the e-commerce heavy-hitter Meituan have signed a digital yuan collaboration deal, with both firms looking to step up their CBDC capabilities.
Per the Securities Times, via Stockstar, the two firms have sealed a “cooperation agreement” that will see them “deepen” their...