Tagged: digital yuan

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

August 12, 2020 @ 11:52 pm By Omar Faridi  |  

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

July 20, 2020 @ 9:33 pm By Omar Faridi  |  

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

May 27, 2020 @ 8:53 pm By Omar Faridi  |  

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

May 25, 2020 @ 7:32 pm By Omar Faridi  |  

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

May 6, 2020 @ 3:15 am By Omar Faridi  |  

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

April 21, 2020 @ 2:37 am By Omar Faridi  |  

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

January 11, 2020 @ 7:22 am By Omar Faridi  |  

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

December 24, 2019 @ 8:19 am By Omar Faridi  |  

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