Category: PBOC

People’s Bank of China Targets Crypto Companies in Shenzhen Crackdown

People’s Bank of China Targets Crypto Companies in Shenzhen Crackdown

The Shenzhen office of the People’s Bank of China (PBOC) has reportedly set out to correct the business activities of about a dozen companies allegedly engaged in cryptocurrency transactions. According to Chinese media, the entities have been targeted in a crackdown on crypto trading in the city. People’s Bank of China Cracks Down on Coin […]

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Digital Yuan to Promote International Use of Chinese Currency, Experts Say

Digital Yuan to Promote International Use of Chinese Currency, Experts Say

The new digital yuan, currently undergoing trials, can help to increase the international usage of China’s national fiat, experts have stated. As the renminbi (RMB, CNY) is becoming one of the world’s most important currencies, the People’s Bank of China is planning to conduct cross-border tests with the yuan’s digitized version, the e-CNY. Digital Yuan […]

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U.S. Senators object the use of Digital Yuan at 2022 Winter Olympics in Beijing

The three Republican senators raising objections have cited privacy and security concerns with the use of Digital Yuan. The lawmakers noted that the CCP can exploit the use of e-CNY as a surveillance tool. China’s plans of putting its Digital Yuan to use at the 2022 Winter Olympics in Beijing face a severe hurdle. Putting […]

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China Reveals Digital Yuan White Paper: Smart Contracts, $5.4B Settled, Large Transfers Traced

China Reveals Digital Yuan White Paper: Smart Contracts, $5.4B Settled, Large Transfers Traced

The working group involved with the research and development of the digital yuan for the People’s Bank of China (PBOC) has published a paper describing the digital currency’s progress. The PBOC initiated a task force dedicated to the creation of a digital yuan in 2014, and the recently published document is the project’s first white […]

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Chinese Bank Employees Told to Entice 300 Customers to Use the Digital Yuan

Chinese Bank Employees Told to Entice 300 Customers to Use the Digital Yuan

In mid-May, a report stemming from residents in Shenzhen, China explained that the digital yuan wasn’t seeing widespread participation, which the Chinese government has alluded to in many press releases. Now a handful of China’s state-owned banks have asked staff to recruit 200 to 300 digital yuan users. The banks are also giving away small […]

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Beijing and Suzhou Railways Now Accept Digital Yuan Payments for Ride Fares

Beijing and Suzhou Railways Now Accept Digital Yuan Payments for Ride Fares

Beijing subway has officially launched a new program that allows passengers to pay for rides with the central bank digital currency (CBDC) also known as the digital yuan. The news follows the subway system in East China’s Jiangsu province in the city of Suzhou which also allows digital yuan payments for subway fares. Digital Yuan […]

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People’s Bank of China (PBoC) Instructs Financial Institutions to Clampdown on Crypto

People’s Bank of China (PBoC) has instructed all financial institutions in the country to help effect the clampdown on cryptocurrency engagements. According to a Reuters report, the apex bank said it recently summoned all financial institutions to intensify the way they prevent cryptocurrency trading. Per the report, the PBoC urged these institutions to cut payment […]

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PBOC Instructs China’s Banks to Forbid All Cryptocurrency Related Activities Immediately

PBOC Instructs China’s Banks to Forbid All Cryptocurrency Related Activities Immediately

China’s central bank has sent notice to the country’s financial institutions instructing them to stop dealing with cryptocurrency transactions. The disclosure notes that the People’s Bank of China (PBOC) aims to protect Chinese citizens and “combat the speculation of Bitcoin and other virtual currency transactions.” PBOC Tells Banks to Stop Dealing With Crypto Exchanges and […]

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