Tagged: pboc

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

Chinese Scammers are Impersonating Central Bank Digital Currency Testers in order to Lure Victims into Fraudulent Investment Schemes

Cities throughout China are planning to begin testing (or already are) the country’s central bank digital currency (CBDC). Scammers have reportedly been impersonating CBDC testing groups. Tencent QQ reports that criminals have been promoting a scam that asks unsuspecting Chinese residents to sign up for… 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

New Proposal Recommends Multi-Currency CBDC including Chinese Yuan, Japanese Yen, South Korean Won, Hong Kong Dollar

Many developing and developed countries across the globe are considering or already developing and testing their own central bank digital currencies (CBDCs). China might be creating an East Asia virtual currency platform, according to a report from the Nikkei Asian Review. The new currency might… Read More

People’s Bank of China Announces Second Batch of 11 Fintech Projects to Participate in Regulatory Sandbox Program

The People’s Bank of China (PBoC), the nation’s reserve bank with around $3.2 trillion in assets, recently announced the second batch of Fintech initiatives that will take part in a pilot program involving new regulations. The pilots will take place in China’s capital, Beijing, and… 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

The Economist Calls China’s CBDC the Anti-Bitcoin

While everyone expects the People’s Bank of China to launch a limited trial of its Central Bank Digital Currency (CBDC) or Digital Currency Electronic Payment (DCEP) as it is called in the country questions have frequently emerged as to how the government will utilize the… Read More

China Expected to Enlist the Assistance of Starbucks, McDonalds & Others to Test Central Bank Digital Currency

China has long been expected to become the first nation to launch a Central Bank Digital Currency (CBDC). Periodically, reports have popped up regarding the development of the digital currency and today we have another glimmer on the progress driven by the People’s Bank of… Read More

CBDCs: State-managed Bank in China Introduces Test App for National Digital Currency

A state-managed bank in China seems to have launched a mobile-based test app that supports the People’s Bank of China’s (PBOC) virtual currency initiative. A website link allows users to download a payments app that has been provided by the Agricultural Bank of China (according… Read More

CBDC: People’s Bank of China Says its Main Priority is to Enhance Top Level Design of Central Bank Digital Currency

Happy Buddha

The People’s Bank of China (PBoC), the nation’s central bank with over $3.2 trillion in reserves, recently held a discussion in the capital city of Beijing. The PBoC’s officials confirmed during the conference (held on April 3, 2020) that the reserve bank would continue to… Read More

People’s Bank of China Is Reportedly Inching Closer to Issuing a Digital Yuan

The People’s Bank of China (PBoC), the nation’s central bank, is reportedly inching closer to launching a national virtual currency. As noted in a report from the Global Times on March 24, 2020, which cited “industry insiders,” the PBoC seems to have finalized the development… Read More

People’s Bank of China Acquires $4.7 Million in Funding to Further Develop Blockchain-based Trade Finance Platform

The People’s Bank of China (PBoC) has reportedly acquired 32.35 million RMB (appr. $4.7 million) in special funding in order to finance the ongoing development of its blockchain or distributed ledger technology (DLT)-enabled trade finance platform. The funding, which will be gradually injected during 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

Hong Kong Institute of Bankers Welcomes Six Digital Banks as Corporate Members

The Hong Kong Institute of Bankers (HKIB) has onboarded six digital banks as corporate members according to a note published by the association. The HKIB is a non-profit organization that offers training and certification programs to Hong Kong-based financial institutions. The virtual banks that have… 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

People’s Bank of China Provides Guidance on Non-Bank Payments to the State Treasury

As non-bank payments firms rapidly emerge, China has instituted rules for these services to make payments to the state. The measures were revealed on December 6, 2019 and come into effect on January 6, 2020. As part of the process the People’s Bank of China… Read More

People’s Bank of China Begins Pilot Regulation Program for Fintech Businesses in Beijing

China’s central bank announced on December 5 that it’s planning to support the nation’s capital city Beijing in exploring and experimenting with various regulatory guidelines for the evolving Fintech industry in order to develop a more inclusive and suitable supervision framework. The nation’s Fintech regulation… Read More

People’s Bank of China Denies It Has Begun Circulating a National Digital Currency

Officials at the People’s Bank of China have issued an official statement disclaiming rumours that China has begun issuing a central bank digital currency (CBDC). “Recently, the net news said that the People’s Bank of China has issued (a) legal digital currency,” the communiqué states,… Read More

Shanghai Branch of the People’s Bank of China Introduces 40 New Measures for Fintech Development

The Shanghai branch of the People’s Bank of China (PBoC), the nation’s central bank, has released 40 new measures that have been created mainly to support Fintech development in the city, which is one of the four municipalities in the country. PBoC’s latest measures will… Read More

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