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In the last 24 hours, the decentralized exchange sector has logged a combined profit of over 60%, while their centralized counterparts have grown by just 0.77%. Go to Source Powered by WPeMatico
The People’s Bank of China (PBOC), the country’s central bank, published a Q&A to its website which said that Chinese citizens participating in virtual currency exchange offshore is “considered illegal financial activity.” The PBOC also reiterated comments it had made in the past stressing that “financial institutions and non-bank payment institutions” cannot process crypto payments. … Read more
The world is still focused on the financial downfall of China’s real estate giant Evergrande and according to Chinese authorities have told the private sector to get “ready for the possible storm.” Reports show that even though the People’s Bank of China already provided $18.6 billion in liquidity to ease the brunt, Beijing may not … Read more
A Chinese high court has issued a public statement affirming that trading or investing in cryptocurrency is not protected by law, citing crypto assets’ lack of legal status in China. Chinese Court States Crypto Not Protected by Law The high court in China’s northern Shandong province issued a public statement Sunday clarifying that cryptocurrency is … Read more
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 … Read more
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 … Read more
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 … Read more
A working paper released in English by the People’s Bank of China cites cryptocurrencies as an important context for the digital yuan’s development and reveals that the digital currency will use smart contracts to allow for programmability. Go to Source Powered by WPeMatico
The Chinese government is taking its digital yuan test one step further. Now, 10 million users will be able to test and use the currency after applying to join a whitelist in selected state banks. This new phase of the test aims to detect possible problems in a more broad testing environment. China is preparing … Read more
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 … Read more
