Category: Digital Yuan

US Government Concerned China’s Digital Yuan Could Threaten Dollar as the World’s Dominant Reserve Currency

The U.S. government is reportedly concerned that China’s digital yuan could threaten the U.S. dollar’s status as the world’s dominant reserve currency. Officials at the Treasury, State Department, Pentagon, and National Security Council are increasing their efforts to understand the implications of China’s central bank digital currency. Digital Yuan Could Be a Threat to US […]

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Biden officials fret about digital yuan’s threat to dollar’s dominance: report

Officials in the U.S. national security and financial apparatus are looking askance at China’s development of a digital yuan.  A Bloomberg report from April 11, citing anonymous sources, states that the U.S. Treasury, State Department, Pentagon and National Security Council are investigating China’s central bank digital currency project with concern for its potential to circumvent […]

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Bitcoin Bull Mike Novogratz Warns of ‘Existential Crisis’ if the US Fails to Create Digital Dollar

Mike Novogratz, the CEO of Galaxy Digital and bitcoin bull has warned that the United States’ failure to have its own digital currency could be an “existential crisis.” However, the CEO says the country’s fate is still in its hands. Novogratz made these comments a few days after former U.S. Secretary of State, Mike Pompeo […]

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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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Chinese province Hainan to test digital yuan this month

Chinese island province Hainan is said to be piloting digital yuan from April 12 to 25. The Industrial and Commercial Bank of China’s Hainan branch, the People’s Bank of China’s Haikou branch, and Sansha city’s municipal government will conduct the pilot, 21st Century Business Herald reported Wednesday. Specifically, the test will be conducted on Yongxing […]

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Bitcoin Price Surge Behind Rising Interest in Digital Yuan: PBOC

People Bank of China, the Chinese Central Bank believes the rising price of bitcoin has contributed to the growing interest in Chinese sovereign CBDC called digital yuan. The statement took many by surprise partly because cryptocurrencies are banned in China for almost 4 years now. Wang Xin, PBOC research bureau director, “On one hand, this […]

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Chinese Citizens Can Now Apply for the Digital Yuan Wallet Through 6 State-Owned Banks

Following the interview with Ma Changchun, the head of the People’s Bank of China-run Digital Currency Research Institute, a recent report indicates that residents from Beijing and Shanghai can now apply for a digital yuan wallet. According to the report, six different Chinese banks will participate in the process. Beijing and Shanghai Residents Can Apply […]

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China’s CBDC All Set To Eat Into the Digital Payments Market Share of WeChat and Alipay

Alipay and WeChat Pay the two dominant players in China’s online payments marketplace are all set to see tough competition from the country’s very own central bank digital currency (CBDC) aka Digital Yuan. On Thursday, March 25, speaking during a panel discussion organized by the Bank of International Settlements (BIS), Mu Changchun, director of the […]

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