New decentralized stablecoin in China targets international trade
Conflux will provide the technology to launch an offshore RMB stablecoin pegged to China’s CBDC, the digital yuan. Go to Source Powered by WPeMatico
People’s Bank of China
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China to ‘maintain a high-pressure situation’ on crypto, official says
An official at the People’s Bank of China saidthat the public should increase their risk awareness and stay away from crypto investments. Go to Source Powered by WPeMatico
Crypto ‘not protected by law,’ rules provincial high court in China
A provincial high court ruling in China has set a potential precedent by declining to protect a plaintiff’s $10,000 worth of lost crypto tokens. Go to Source Powered by WPeMatico
People’s Bank of China in Shenzhen ‘cleans up’ illegal crypto firms
The Shenzhen branch of the People’s Bank of China launched a special “rectification” program against illegal crypto-related activities, beginning with a crackdown on 11 emerging companies. Go to Source Powered by WPeMatico
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 … Read more
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 … Read more
Countries representing over 90% of global GDP are exploring CBDCs
Governments around the world are pouring more resources into CBDC research and exploratory use cases. Among the major economies, China appears to be pulling ahead and has plans to implement digital-yuan usage during the 2022 Winter Olympics in Beijing. Go to Source Powered by WPeMatico
Digital yuan pilots expand to insurance industry for the first time
China’s central bank digital currency can now be used on insurance policies that offer various levels of compensation for diagnosis of or death due to COVID-19. Go to Source Powered by WPeMatico
China’s central bank worried about stablecoins’ risk to financial systems
While Visa and other major private payments networks see the potential of stablecoins, China’s central bank believes they pose serious risks to global financial systems. Go to Source Powered by WPeMatico
Beijing subway now accepts digital yuan
Beijing’s rail transit service now accepts digital yuan for subway rides through an integration with the Industrial and Commercial Bank of China. Go to Source Powered by WPeMatico
