Tagged: digital yuan

China: WeiyangX Fintech Review

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

China: WeiyangX Fintech Review

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

CBDCs: Chinese Banks Introduce Central Bank Digital Currency Hardware Prototypes for Multiple Applications

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

Bitcoin and Other Digital Assets Now Being Considered Investments but Not Medium-of-Exchange by Chinese Policymakers

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

CBDCs: People’s Bank of China and the Hong Kong Monetary Authority Testing Digital Yuan

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

CBDCs: China’s Digital Currency Might Raise Financial Privacy Issues, National Security Concerns, Political Power Challenge for US

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

Hong Kong May Lead China’s Financial Integration Efforts with Major World Economies and Promote Digital Yuan Adoption

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

CBDCs: China to Distribute $3M of Virtual Yuan as JD.com Is Now the First Major Online Service to Accept the Digital Currency

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

Bank of Japan Official Argues that No Single Virtual Currency will Dominate Global Transactions

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

Digital Yuan will “Hardly Put a Dent” in US Dollar Dominance and its Role as Global Reserve Currency, Cornell Professor Claims

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

CBDCs: China’s Virtual Yuan or Digital Currency Electronic Payment (DCEP) System to be Introduced in Hong Kong’s Greater Bay Area

China’s virtual yuan (CBDC), which is also referred to as digital currency electronic payment (DCEP), will reportedly be introduced for testing in Hong Kong’s Greater Bay Area within the next few weeks. The Greater Bay Area is a megapolis that includes nine major cities (Guangzhou,… Read More

CBDCs: China and Japan Continue to Work on their Respective Digital Currency Projects, New Reports Confirm

The global COVID-19 crisis has forced many businesses to either shut down or make significant changes to their business models. Individuals and companies are increasingly using digital platforms and services to conduct transactions or complete routine tasks that they normally carried out at physical locations…. Read More

People’s Bank of China Confirms there’s No Definite Launch Date Set for Virtual Yuan, Despite Rumors

The People’s Bank of China (PBoC) recently noted that it has not yet provided a definite timetable on a formal or official virtual yuan launch. During a recent interview, PBoC Governor Yi Gang clarified that the institution was only performing “routine work for the research and… Read More

China’s Big Lenders and Fintech Firms to Distribute Virtual Yuan Tokens, which will be Highly Traceable, Potentially Amplifying Government’s Power: Report

Andy Mukherjee argues in a recently published Op-Ed in the Washington Post that the virtual yuan could potentially transform “the relationship between money, economic power, and geopolitical clout.” The digital renminbi has been under development since 2014. Its top-level design was recently finalized and its… Read More

Digital Yuan May Allow Anonymous Transactions, and Could Replace Cash, Former Bank of China President Argues

Li Lihui, the former president of the Bank of China, claims that the nation’s highly-anticipated virtual yuan will be launching soon. Lihui has argued that the digital renminbi could potentially replace cash. The central bank digital yuan, or CBDC, is still in its testing phase… Read More

China’s Virtual Yuan will Use Dual Offline Technology to Ensure that the National Digital Currency Works Even with Poor Signal Strength

The Bank of China’s somewhat secretive digital currency pilot program has made many people quite curious. The bank recently provided an official explanation of how the virtual yuan or renminbi was being tested and how it might work if and when it is launched. A… Read More

People’s Bank of China Says “Top-Level” Design of Digital Yuan has been Finalized

The People’s Bank of China (PBoC), the nation’s central bank, has reportedly stated that the “top-level” design of its national digital currency has been finalized. The Chinese reserve bank revealed the development of the sovereign digital currency in a new paper, confirming that the “top-level… Read More

Digital Yuan will be Different from Bitcoin (BTC) and Stablecoins, Says People’s Bank of China Deputy Director

Mu Changchun, deputy director at the People’s Bank of China’s (PBoC), recently stated that the digital yuan (under development) will be fundamentally different from Bitcoin (BTC), the flagship cryptocurrency. The electronic yuan will also be different from stablecoins, which are digital assets pegged one-to-one with… Read More

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