Tagged: digital yuan

July 6, 2023 @ 10:07 pm By Omar Faridi  |  

DBS (SGX:D05) announced it is one of the first foreign banks in China to launch an e-CNY merchant collection solution and complete an e-CNY transaction for a client. The solution empowers corporate clients of DBS China “to collect payments from their customers in e-CNY, China’s… Read More

May 27, 2022 @ 10:36 am By JD Alois  |  

A group of Republican US Senators has introduced legislation designed to knee-cap the digital yuan – a Central Bank Digital Currency (CBDC) that is already in use – albeit on a limited basis. Senators Tom Cotton, Marco Rubio, and Mike Braun have revealed the “Defending… Read More

January 16, 2022 @ 2:59 pm By Xu Gao  |  

Tencent Releases Metaverse-Rate Scoring System On January 12th, Tencent News and the School of Journalism, Fudan University jointly released the “2021-2022 Metaverse Annual Report”. For the first time, the report proposed the concept of “Metaverse-Rate” which will become the scoring standard for the development of… Read More

December 5, 2021 @ 1:22 pm By Xu Gao  |  

The Ministry of Industry and Information Technology Issues the “14th Five-Year Plan for Big Data industry development” On November 30th, the Ministry of Industry and Information Technology released the “14th Five-Year Plan for the Development of Big Data Industry” (hereinafter referred to as the Plan)…. Read More

November 29, 2021 @ 3:15 pm By Xu Gao  |  

Beijing Looks to Set Up Digital Asset Exchange in the Sub-Center Area On November 26th, the State Council released a circular on supporting Beijing’s sub-center in pursuing high-quality development. To achieve the goals of a green city, sponge city, and smart city, related authorities will… Read More

October 1, 2021 @ 1:06 pm By Tony Zerucha  |  

Add STASIS CEO Gregory Klumov to the list of cryptocurrency figures who believe China’s recent decision to ban digital assets will not stop the market from growing. A sister company of EXANTE, STASIS is a stablecoin and tokenization platform based in Malta. In late September the… Read More

August 29, 2021 @ 8:26 am By Xu Gao  |  

Digital RMB Used in China’s Futures Market for the First Time On August 24th, the Dalian Commodity Exchange had paid the fees to Dalian Liangyun Group Storage and Transportation Co., Ltd in the form of digital RMB, making it the first use of digital RMB… Read More

August 9, 2021 @ 11:26 am By Omar Faridi  |  

In April of last year, China had started testing out the the virtual yuan, becoming one of the first world governments to issue a Central Bank Digital Currency (CBDC). CBDCs like the virtual renminbi are government-issued, blockchain or distributed ledger tech (DLT)-enabled versions of a… Read More

August 7, 2021 @ 1:15 pm By Xu Gao  |  

Shanghai Taxis Began to Accept Digital RMB Payments Shanghai Qiangsheng Taxi Company has equipped its 6000 clean energy taxis with digital RMB payment capability. Customers could hail these taxis on 62580 APP. When they arrive at their destination, they could scan the QR code on… Read More

June 27, 2021 @ 11:35 am By Xu Gao  |  

FinTell Completes B+ Round of Financing led by Youshan Capital On June 15th, Fintech startup FinTell announced the completion of USD tens of millions B+ round of financing. The investment was led by Youshan Capital with participation from Telstra. FinTell is “a one-stop high-end Fintech… Read More

June 5, 2021 @ 10:55 am By Xu Gao  |  

The People’s Bank of China Launches a Pilot Scheme for Integrated Application of Financial data The People’s Bank of China has launched a pilot scheme for the integrated application of financial data across the country. Commercial banks, clearinghouses and non-bank payment platforms from Beijing, Jiangsu,… Read More

May 22, 2021 @ 9:02 am By Xu Gao  |  

Hotels of the HUAZHU Group in Shanghai Will Now Accept Digital RMB Payments From May 21st, all hotels of HUAZHU Group in Shanghai will be able to accept digital RMB payment. According to HUAZHU, digital RMB will be accepted when guests check in at the… Read More

May 9, 2021 @ 10:52 pm By Omar Faridi  |  

Chinese banking institutions have introduced central bank digital currency (CBDC) hardware prototypes for several different use cases. The People’s Bank of China (PBoC), the nation’s central bank, and the Industrial and Commercial Bank of China (ICBC) have introduced prototype hardware devices that aim to offer support… Read More

May 2, 2021 @ 7:27 pm By Omar Faridi  |  

China’s virtual yuan has been in development for the past 7 years (since 2014). Recently, Chinese officials had noted that Bitcoin (BTC) was not really a currency but they do think it’s a form of investment. Regulators in China are also eager to explore the… Read More

April 6, 2021 @ 9:57 am By JD Alois  |  

The People’s Bank of China (PBoC) and the Hong Kong Monetary Authority (HKMA) have begun testing its central bank digital currency (CBDC) or digital yuan for cross-border transfers, according to a report in SCMP. The report quotes Wang Xin, Head of Research at the PBoC,… Read More

January 28, 2021 @ 8:45 pm By Omar Faridi  |  

Although not very many technical details of China’s plans for its central bank digital currency (CBDC) have been shared publicly, the virtual yuan is raising privacy concerns and may lead to potential national security issues and problems related to political power. The Digital Currency/Electronic Payment… Read More

January 25, 2021 @ 11:21 pm By Omar Faridi  |  

Hong Kong might lead China’s financial integration efforts with other countries and could also help promote the adoption of the digital yuan, according to government officials. But regardless of what Hong Kong actually does to fulfill its role, the special administrative region of the People’s… Read More

December 7, 2020 @ 7:27 am By Omar Faridi  |  

China is reportedly handing out around $3 million of digital yuan as JD.com notably becomes the first online platform to begin accepting the virtual currency. As first reported by CNBC, Chinese digital commerce company JD.com confirmed that it will become the first major online platform… Read More

October 17, 2020 @ 1:30 pm By Omar Faridi  |  

A Bank of Japan official recently noted that there’s no single virtual currency that will completely dominate global transactions, but only if reserve banks focus on enhancing their existing settlement systems. China, which has been leading the charge when it comes to implementing a national… Read More

August 29, 2020 @ 11:27 am By Omar Faridi  |  

Eswar Prasad, professor of Trade Policy at Cornell University and senior fellow at the Brookings Institution, acknowledges that the Chinese digital yuan will improve the nation currency’s role as an international payment method. However, he clarified that it will “hardly put a dent” in the… Read More