Category: china cbdc

Bitcoin (BTC) Growth Is Essential to Maintain USD Dominance over Digital Yuan. Here’s Why

Multiple industry reports suggest that China’s CBDC Developments over the long term can eclipse the USD dominance in global trade. It is true that China is developing its Digital Yuan to reduce the dependence on the USD, however, thinking that it will dominate over USD could be an overstatement. Bloomberg’s Senior Commodity Strategist Mike McGlone […]

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Amid Inflation Crisis, Turkey Plans to Issue Its CBDC Digital Lira In Two Years

Amid highly rising inflation and with the Turkish Lira losing value against the USD, the country is now looking for a digital alternative to its national currency. Drawing a leaf from China’s CBDC move, Turkey is all set to launch its Digital Lira in the next two years. On Wednesday, local news agency Sabah published […]

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China’s PBOC to Test Cross-border Digital Currency Payments With Other Central Banks

With its accelerated development on CBDC, China’s Central Bank PBOC is now exploring a digital currency cross-border project in collaboration with central banks of Thailand, Hong Kong, and the United Arab Emirates. PBoC is looking to tap into the current zeal with CBDCs in the Asian markets. Also, FinTech developments in the Arab market are […]

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State-Backed Agricultural Bank of China Launches the First Digital Yuan ATMs

State-Backed Agricultural Bank of China Launches the First Digital Yuan ATMs

The Agricultural Bank of China (ABC), one of China’s “big four” banks, is embarking on a pilot program to enable the first digital yuan ATMs. The banking institution deployed the first machines in selected branches in Shenzhen. ATMs Will Work With a Smartphone App According to SZ News, the program is part of the ongoing […]

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China Launches Digital Yuan ‘Hard Wallet’ Card Pilot Program

China Launches Digital Yuan ‘Hard Wallet’ Card Pilot Program

The People’s Bank of China (PBoC) have green lighted a physical card-wallet pilot to test its digital yuan. Coffee shop staff in a Shanghai-based university hospital was chosen as participants in the pilot. Wallet Card Can Pay or Accept e-CNY Without Wi-Fi or a Mobile Connection According to Tencent News, staff members at Shanghai Jiao […]

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Chinese State-Run Media Believe BTC Price Surge Is Just ‘Hype’ While Praising Blockchain

Chinese State-Run Media Believe BTC Price Surge Is Just ‘Hype’ While Praising Blockchain

Two Chinese state-run media outlets have published a brief news item urging citizens to focus more on blockchain technology than on the “hype” of the recent surging Bitcoin prices across the board. China’s Government to Focus on Blockchain Both Sina and Xinhuanet have stated that the recent rally in BTC prices has no clear explanation. […]

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China Drafts Law to Legalize Digital Yuan, Outlawing Competitors

China Drafts Law to Legalize Digital Yuan, Outlawing Competitors

China’s central bank, the People’s Bank of China (PBOC), has drafted a law to legalize the digital yuan and outlaw digital currencies issued by anyone else competing with it. Meanwhile, the central bank has been cracking down on gambling sites that use the stablecoin tether. China Drafts Law to Recognize Digital Yuan The People’s Bank […]

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China’s Digital Currency Has Been Used in 3 Million Transactions Worth Over a Billion Yuan So Far

China’s Digital Currency Has Been Used in 3 Million Transactions Worth Over a Billion Yuan So Far

China’s central bank digital currency has been used in 3.13 million transactions worth about 1.1 billion yuan ($162 million) so far, the People’s Bank of China’s deputy governor has reportedly revealed. In addition, more than 122,000 digital wallets have been created.‘Positive Progress’ of Digital Yuan PilotThe People’s Bank of China (PBOC) has been actively testing […]

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