Tagged: pboc

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

BTC Dominance Fell to Lowest Level Since July 2018, but New Crypto and Blockchain Developments Reveal Maturing Digital Asset Space: Report

Bitcoin (BTC) dominance recently dropped to 50.2% (but has increased slightly to 50.7% at the time of writing) for the first time since July 2018, Bloqport reports. Bitcoin dominance represents the total share of the digital assets market that BTC claims. Notably, the BTC price… Read More

CBDCs: Chinese Official Address Concerns Regarding User Privacy and the Digital Yuan

China’s officials have addressed concerns that the digital yuan may be violating or infringing on user privacy. They’ve looked into questions related to “controllable anonymity” as well. STCN reports that on March 20, 2021, Mu Changchun, Director of the Digital Currency Research Institute of the… Read More

Chinese Regulators have Instructed Banking Institutions to Trim Loan Books to Guard Against Capital Market Bubbles

China’s regulatory authorities have reportedly been telling local banking institutions to “trim” their loan books during 2021 to guard against potential risks resulting from bubbles in domestic capital markets. This, according to an update from Reuters which cited sources familiar with the matter (on March… 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

People’s Bank of China to Introduce Policies to Support Small Businesses, while Prohibiting Financial Service Providers from Offering Risky Products

China’s reserve bank stated on January 6, 2021 that it will be making its monetary policy more flexible, targeted and appropriate this year. The country will begin focusing on supporting smaller companies as the Chinese economy tries to recover following the COVID-19 outbreak. The People’s… Read More

Chinese Regulators Order Billionaire Jack Ma’s Fintech Ant Group to Return to its Payments Services Business, Place New Restrictions

Chinese regulatory authorities have ordered billionaire Jack Ma’s Fintech firm Ant Group Co. to return to offering payments services, instead of attempting to expand its operations into consumer loans or wealth management. China’s reserve bank officials recently held discussions with Ant Group’s management and instructed… Read More

China’s Reserve Bank Issues License to Pudao Credit for Collecting Personal Credit Ratings

China’s reserve bank has issued the nation’s second license for collecting personal credit ratings to an initiative between a state-managed enterprise and two Internet companies. The move suggests that the Chinese government may want to get involved in deciding how technology interacts with finance (while… 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

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

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