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China’s Shanghai and Suzhou Ready Fresh CBDC Adoption Drive
18.8.2023
The Chinese cities of Shanghai and Suzhou are eyeing more digital yuan adoption progress as the nation tries to drive up interest in its CBDC.
The central People’s Bank of China (PBoC) recently claimed that almost $250 billion worth of CBDC transactions had been processed in the nation to date....
Mbridge Project Has Observers Worried About Advances of the Digital Yuan
15.8.2023
The Mbridge project, a central bank digital currency (CBDC) international payment system, is starting to worry observers. Such a system, when completed, could ostensibly allow the digital yuan to reach more countries in trade settlements, chipping away at the world dominance of the U.S. dollar...
Tianjin, China, Says It Has Processed $1.76bn Worth of Digital Yuan – CBDC Progressing?
15.8.2023
The Chinese city of Tianjin says residents and businesses transacted a cumulative total of over $1.76bn worth of CBDC since it joined the digital yuan pilot in 2022.
Per Jinyun News, via Enorth, city officials claimed that some 302,000 merchants had processed the aforementioned amount in 14.97...
‘Green Finance’ Options Emerge for China’s Digital Yuan
15.8.2023
More Chinese firms are using the digital yuan, the nation’s central bank digital currency (CBDC), to access funding for “green” business projects.
Per Nanfang Daily News (via SouthCN), an electronics firm in Guangdong Province, Southeast China, became the first company in the province to access...
CBDC Is Grave Threat to Liberty, Presidential Hopeful Vivek Ramaswamy Warns
11.8.2023
The U.S. dollar will be stronger if it’s not a central bank digital currency (CBDC), according to candidate for Republican presidential nomination Vivek Ramaswamy. He is convinced that a digitized greenback and other digital fiats represent a threat to democracy in the United States. CBDC Is...
Rise in Chinese Citizens, Firms Using Digital Yuan to Pay Taxes
10.8.2023
More Chinese citizens and firms are using the digital yuan, China’s central bank digital currency (CBDC), to pay their taxes, state organs, and government-owned banks have claimed.
Per Xinhuanet, the claims were made by Hunan Province’s Tax Bureau, as well as the Changsha Central branch of...
China Minsheng Bank, JD.com Unveil Digital Yuan Collaboration
7.8.2023
China’s Minsheng Bank has announced it is teaming up with the CBDC-keen e-commerce giant JD.com to launch a digital CNY-powered payment service.
Per Shzhidao (via Sohu), Minsheng customers in the CBDC pilot zone are now able to link their bank-issued digital wallets to their JD accounts and make...
Personal Finance Expert Says US Rating Downgrade Likely to Embolden BRICS Currency Supporters
6.8.2023
The American rating agency Fitch’s recent downgrade of the United States’ credit rating from AAA to AA+ may embolden proponents of a BRICS currency, Riley Adams, a personal finance expert, has said. Adams however argues that there are certain “geopolitical issues” that must...
Asian Economies Could Benefit From Reduced Dollar Influence, Says Devere CEO
6.8.2023
The CEO of asset management firm Devere Group says the world is shifting “away from a dollar-dominated financial system.” Emphasizing that a shift away from U.S. dollar influence “could have positive implications for Asian economies,” he described: “With the dollar losing its stranglehold...
Latam Insights — Argentina to Complete IMF Payment With Chinese Yuan, Bolivia Also Using China’s Currency for International Settlements
31.7.2023
Welcome to Latam Insights, a compendium of Latin America’s most relevant crypto and economic news during the last week. In this issue, Argentina is likely to settle part of a payment to the International Monetary Fund (IMF) using the Chinese yuan, Bolivia is already making payments using...
Bolivian Central Bank Using Chinese Yuan for International Settlements
28.7.2023
Economy Minister Marcelo Montenegro acknowledged that the Bolivian Central Bank is harnessing the Chinese yuan in its commercial settlements. The switch to using the Chinese currency has to do with the dollar scarcity that the country is facing, having to approve a law to sell part of its gold...
Shaoxing, China, Launches Asian Games-themed Digital Yuan Giveaway – CBDC Showcase Planned
26.7.2023
The Chinese city of Shaoxing is planning an Asian Games-themed digital yuan giveaway, as the nation prepares for a major central bank digital currency (CBDC) showcase.
China News Network (via East Money) reported that Shaoxing will issue residents with around $5.6 million worth of digital yuan...
Former Central Banker Discusses How Chinese Yuan Could Become on Par With US Dollar
26.7.2023
A former central banker has explained that three conditions must be met for the Chinese yuan to become a currency on par with the U.S. dollar and the euro. Noting that the yuan is already the third-largest international currency after the USD and the euro, he emphasized that the Chinese...
Chinese Bank Launches CBDC Bulk Commodity Clearing Service – Digital Yuan Adoption Accelerates?
26.7.2023
Banks in China are looking to adopt the digital yuan in more of their operations, and have launched the nation’s first central bank digital currency (CBDC)-powered settlement service for bulk commodity spot clearing.
Per JRJ, Industrial Bank, a Fuzhou-based joint-stock commercial bank,...
Blackrock’s Bitcoin ETF Application Update, Warnings of Possible Reversal in XRP Ruling, and More — Week in Review
23.7.2023
Financial megalith Blackrock’s bitcoin exchange-traded fund (ETF) application has now been accepted by the U.S. Securities and Exchange Commission, and added to the regulator’s docket. In related news, a former official from the SEC has said the recent ruling on XRP from the SEC...
China’s Central Bank: Digital Yuan Transactions Reach $250 Billion
23.7.2023
China’s central bank governor has revealed that transactions using the country’s central bank digital currency (CBDC) reached 1.8 trillion yuan ($250 billion) at the end of June. In addition, the People’s Bank of China (PBOC) official stated that digital yuan in circulation amounted...
China's Digital Yuan Hits $250 Billion Transaction Volume, Central Bank Governor Reports
21.7.2023
The People’s Bank of China (PBoC) revealed that $250 billion worth of transactions have taken place using the country’s central bank-backed digital currency (CBDC) digital yuan in 18 months since the start of its pilot.
Speaking at a conference in Singapore, China’s central bank governor Yi Gang...
Digital yuan integration introduced to Chinese business air travel
21.7.2023
The Civil Aviation Administration and China Merchants Bank said passengers will be able to utilize the digital currency to access new services via this platform
Central Bank of Argentina Reduces Dollar and Yuan Disbursement to Importers
21.7.2023
Importers are accusing the Central Bank of Argentina of stalling on the delivery of dollar-based payments under the pretext of high freight costs. According to importers, the Argentine government considers freight costs exceeding 15% of the value of the merchandise imported as an inconsistency....
JPMorgan Warns Dollar Dominance Faces Risks From Political Instability, US-China Tensions
21.7.2023
JPMorgan has warned of the risks to the U.S. dollar’s dominance from escalating U.S.-China tensions and political instability. The global investment bank’s strategists anticipate “partial de-dollarization,” in which the Chinese yuan gradually assumes a more significant role...