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New data shows that 134 countries, representing 98% of global GDP, are now exploring central bank digital currencies (CBDCs), with 66 nations advancing to pilot or development stages. Every G20 nation is engaged in CBDC efforts, with notable leaders such as China and the European nations pushing forward. The U.S. remains lagging behind Europe and … Read more
In Zhejiang province, China, a criminal gang exploited digital yuan accounts to illegally cash out over 200,000 yuan ($27,566) within four days. The digital yuan, or e-CNY, is the People’s Bank of China’s (PBOC) central bank digital currency (CBDC), which has experienced substantial growth in usage. Adoption has reached 260 million wallets across 25 cities, … Read more
The Hong Kong Monetary Authority (HKMA) and the People’s Bank of China (PBOC) have advanced the digital yuan (e-CNY) pilot for payments, aiming to increase e-CNY wallet usage in Hong Kong. Residents can now set up and top up wallets via the Faster Payment System (FPS), marking the first global linkage of a faster payment … Read more
Some participants of China’s CBDC pilot program are reportedly hesitant to hold onto the digital yuan, citing a range of concerns with using the state-backed digital currency. Go to Source
The Digital Yuan app now allows tourists to top-up e-CNY wallets with Mastercard & VISA payment with ‘recharge first and use later’ option. Go to Source
While the adoption and use cases of China’s e-CNY are expanding, the digital yuan still only represents 0.16% of China’s monetary supply. Go to Source Powered by WPeMatico
China may have banned the use of cryptocurrencies but stablecoins might have a role to play in the proliferation of its national currency. Go to Source Powered by WPeMatico
Chinese social media platform Wechat has introduced support for the state-backed digital yuan in its popular payment app. Over a billion users will now ostensibly be able to take advantage of fast payments with the digital currency issued by the People’s Bank of China. Wechat Pay Follows Alipay in Integrating Payments With Digital Yuan The … Read more
Multiple Chinese city governments have given away millions worth of e-CNY to try to promote consumption around the holiday season. Go to Source Powered by WPeMatico
CCP officials want to see the e-CNY surpass $300 billion in transactions in 2023 through promotional efforts. Go to Source Powered by WPeMatico
