Search results: e-CNY

Singapore-based DBS bank has introduced a “merchant collection solution” using e-CNY – China’s central bank digital currency – to allow corporate clients of DBS China to collect payments from their customers in e-CNY, and avail the automated settlement of e-CNY directly into their bank deposit account.

A hydropower plant in China has been fined for illegally powering crypto mines. Meanwhile, South Korean auditors plan on auditing Terra and other crypto exchanges.

Treasury Secretary Janet Yellen cites UST’s downfall as warning over stablecoins. Meanwhile, China postpones Asian Games and e-CNY rollout.

The city’s de facto central bank Wednesday sought public consultations on the e-HKD, as the Hong Kong Monetary Authority (HKMA) chief expressed concerns on a retail digital Hong Kong dollar intensifying competition in the retail payments space. See related article: Hong Kong to press ahead with digital dollar, e-CNY plans Fast facts See related article: […]

Xinhua News Agency’s affiliate newspaper, Economic Information Daily, Thursday published an op ed suggesting measures for the further adoption of the digital yuan. See related article: The digital yuan’s de-dollarization Fast facts See related article:Hong Kong makes apt testbed for e-CNY cross-border use

By offering China’s digital currency in trial as a payments option in all pilot areas, payments giant WeChat Pay is paving the way for the wider adoption of the digital yuan in the world’s most advanced digital payments market. See related article: China’s digital yuan is now in 23 cities Fast facts WeChat Wednesday said […]

DBS Bank reverses its crypto-trading decision. Meanwhile, China continues to expand e-CNY trial.

India’s long-awaited crypto tax comes into effect. Meanwhile, China expands the digital yuan program.

Blockchain data analysis platform Chainalysis has launched a set of free sanction screening tools. Meanwhile, lawmakers in the US take aim at China’s digital yuan, or e-CNY, while Russian sanctions begin to highlight issues with financial sovereignty as hundreds of thousands of Russian and Ukrainian civilians are caught in the financial crossfire.

Korea’s crypto sector spawns two unicorns, meanwhile Hong Kong is set to be an idea cross-border e-CNY test city.

The city’s global reach, Hong Kong dollar and mainland ties make it a good fit for Chinese authorities to trial e-CNY international payments.

Upcoming digital yuan trial to piggyback on Hong Kong’s popular Faster Payment System for smoother cross-border transactions.

China does not expect significant impact on its monetary system if the digital dollar were introduced, said Mu Changchun, director-general of the People’s Bank of China Digital Currency Initiative on Wednesday. He spoke at a panel organized by the Atlantic Council think tank to support the release of the International Monetary Fund’s report on central […]

PBoC pushes for e-CNY standardization, meanwhile Indian crypto unicorn CoinDCX hits 10 million users

e-CNY transactions surge in China, meanwhile Fusang IPO ‘s get a green light

China’s e-CNY app downloaded 16 million times meanwhile in Kazakhstan the outages hit miners

Hong Kong-listed Chinese food delivery giant Meituan, which occupies 70% of the market share, on Wednesday started to accept digital yuan for payments, as tested by Forkast.News.  Fast facts Users first need to link their wallets to Meituan in the e-CNY app; then they can pay for an order by selecting digital yuan in the […]

Guangxi, China’s southern provincial-level region, is researching cross-border finance, supply-chain service platforms and e-CNY applications, according to a report by local state-run media Guangxi Daily. Fast facts The Guangxi autonomous region — often seen as a gateway for Association of Southeast Asian Nations (ASEAN) trade — plans to support cross-border circulation of capital, according to the […]

China prepares to show off its tech innovation muscles at the Beijing Winter Olympics as it unveils some unusual-looking wallets for its new digital yuan.

Mu Changchun, director-general of the People’s Bank of China’s digital currency institute, said today the central bank is working with the Hong Kong Monetary Authority (HKMA) to test cross-border payment features for the e-CNY, China’s much anticipated central bank digital currency (CBDC). Fast facts Mu said at a webinar, jointly organized by the PBOC and […]

But the head of the central bank’s digital currency research institute says issues remain such as technical standards for blockchain interconnectivity.

In the long run, the new rules may ‘lay the perfect foundation’ to improve risk management, says an ICBC expert.

Shenzhen’s special zone for cooperating with Hong Kong, Qianhai District, will allocate 10 million yuan (US$1.57 million) to motivate enterprises to develop e-CNY-compatible businesses, especially in cross-border e-CNY and fintech labs. Fast facts The Qianhai Administration introduces the policies in a document released on Monday called “Interim Measures for Managing Special Funds for Supporting Financial […]

Another e-CNY scam busted, meanwhile SCMP to tokenize history

Inner Mongolia police bust yet another digital yuan money laundering case.

The Beijing Securities Regulatory Bureau released a list of a first batch of 16 fintech pilot projects. Among the listed projects, four are based on blockchain and one uses e-CNY, the central bank digital currency. The projects are for exploring regulatory frameworks and tools for fintech. Fast facts The e-CNY-based fintech project will allow users […]

More than 100,000 consumers used China’s central bank digital currency (CBDC) to make some 240,000 purchases on China’s top e-commerce platform JD.com on the annual shopping festival Double 11 [11.11], according to the platform’s report. Yet that is likely only a fraction of total Nov. 11 digital sales. Fast facts Double11 refers to a Chinese […]

e-CNY scam investigated meanwhile S Korea gets metaverse bug

Police crack a tele-fraud case related to digital yuan money laundering, potentially thanks to the CBDC’s ‘managed anonymity’ feature.

The Municipal Administrative Center of Beijing officially announced the launch of an e-CNY enterprise zone to “explore the digital renminbi financial system.” The plan includes support for experimental digital currency projects including by increasing  5G infrastructure to enable faster transactions. Fast facts E-CNY is China’s central bank digital currency (CBDC). It is anticipated to be […]

Dalian announced it is promoting the adoption of e-CNY within one of its districts. More than 90% of government employees in the Gaoxin district, including affiliated institutions, have settled transactions using personal e-CNY wallets. Fast facts The Northeast city of Dalian has been included in the second batch of e-CNY pilot cities since October 2020, […]

The soft rollout of the electronic Chinese yuan (e-CNY) continues across China in advance of its expected formal launch in time for the Beijing Winter Olympics in February. In the latest sign, Beijing Capital International Airport has become the first airport in the country to support payment by the central bank digital currency (CBDC), which […]

The state-run Industrial and Commercial Bank of China (ICBC) and telecommunications service giant China Mobile on Wednesday jointly announced the launch of a fiat digital-yuan hard wallet that allows equipped phones to transact in e-CNY without a mobile network. Fast facts The wallet, SIM Pay, is a super-SIM card with near-field communication (NFC) technology. NFC […]

According to a Shenzhen state-owned newspaper, Shenzhen now has nearly 120,000 e-CNY pilot program application scenarios, ranking first in the country. Fast facts In October last year, Hong Kong’s neighboring city, Shenzhen, became the first e-CNY pilot city, which rolled out the first batch of 50,000 e-CNY red packets with a total value of 10 […]

China’s telecom giants to bring digital yuan transactions to mobile chatting boxes.

Chinese communications giant China Mobile and Industrial and Commercial Bank of China jointly released an e-CNY wallet based on the upgraded SMS service Message over 5G. The wallet allows users to transfer money, check balances, pay bills, and perform other functions through the chat window. Fast facts Message over 5G is an upgraded text message […]

D-day for Korean crypto exchanges meanwhile e-CNY project speeds up

Four Chinese cities announced they will compete for inclusion in the next batch of digital renminbi pilot projects. They are Guangzhou, Tianjin, Yiwu and Fuzhou. Fast facts Guangzhou and Tianjin have written their goals into their city’s “14th Five-Year Financial Industry Reform Plan,” and Yiwu’s plan has been reported to the State Council. Guangzhou is […]

Black Friday for Korean exchanges while E-CNY launch in final stretch

Digital yuan expected to undergo its first crucial international test despite concerns it can be used as a surveillance tool.

A tourist spot in South China’s Hainan province to hand out digital yuan, while Shenzhen tests adoption for Hong Kong residents.

E-CNY problems to be solved, also China sees warning over NFT hype

PBOC still working out regulatory rules, acceptance environments and payment systems.

In China, over 20 publicly listed companies have disclosed they are bringing to market e-CNY-related services and products, such as hardware wallets, a digital yuan payment system for schools, and a mobile phone SIM card that can pay for bike rentals with digital yuan at the tap of a phone, according to a report by […]

Top blockchain and crypto news: Does TBD stand for Twitter Boss Decision? NFTs’ ballooning interest. How billions in e-yuan are coursing through China.

Tens of billions in digital yuan circulate through the banks’ systems, as leaders encourage wider adoption.

Dalian Commodity Exchange paid storage fees to a delivery warehouse in the form of e-CNY, the first time applying central bank digital currency (CBDC) in futures trading. Fast facts According to the report, Dalian Liangyun Group, which received the e-CNY warehousing fees, said that e-CNY transfer has no inter-bank transfer fees, and it would not […]

Upbit submits compliance report: China’s e-CNY trials broaden

In China, digital yuan testing, which increasingly looks like a soft rollout, is continuing full steam ahead, with more banks allowing their customers to top up their e-CNY wallets. Fast facts An additional 13 banks have started to allow their customers to recharge their wallets directly in the e-CNY app, bringing the total number of […]

China continues e-CNY pilot also Google allows crypto advertising

Ping An trials e-CNY while Core Scientific is the next to get on the SPAC train.

China’s largest telecommunications company, China Mobile, has disclosed a patent on a virtual currency management system that can prevent the theft of hot-wallet keys. Fast facts The system achieves theft-prevention by separating the hot-wallet server interacting directly with a public data server via a system wallet server. The patent disclosure shows that China Mobile filed […]

US Senators urge E-CNY ban while Russia woos crypto-miners

E-CNY white paper explains how it will work with physical RMB while Malaysia steamrolls mining rigs.

The Chinese city of Xiong’an, a prototype so-called smart city, has launched a new round of digital yuan giveaways. Fast facts Unlike previous giveaways, which have been based on a lottery system, authorities are handing out 3 million yuan in e-CNY based on the number of steps people walk in a bid to encourage fitness. […]

Hong Kong’s financial secretary has reiterated the city’s determination to develop digital versions of the Hong Kong dollar and the mainland Chinese yuan.

China’s central bank has unveiled four specifications of digital wallets for the country’s state-issued digital currency, the e-CNY.

Following a digital yuan giveaway announced for Beijing last week, Shanghai will distribute 350,000 red envelopes to people across the city during next week’s Dragon Boat Festival.

China is set to hand out 200,000 virtual red envelopes, each containing 200 yuan (US$31.30) of the country’s prototype digital currency, to Beijing residents.

Macao jumps into digital yuan feasibility studies while South Korean banks make moves to curb kimchi premium arbitrage.

Hong Kong is charging ahead in its digital currency initiatives, but more must be done to address the e-HKD’s environmental impact and security concerns.

Tether, the issuer of the world’s largest stablecoin USDT, announced on Thursday that it will discontinue support for its flagship stablecoin, on three blockchains, Kusama, Bitcoin Cash SLP (Simple Ledger Protocol) and Omni Layer. 

Binance users in China traded about US$90 billion worth of cryptocurrency-related assets in May despite the crypto ban since 2021.

Tether Holdings Limited, the issuer of stablecoin USDT, released its consolidated reserves report for the second quarter of 2023 on Monday, showing consolidated assets of at least US$86.5 billion against total liabilities of US$83.2 billion. Tether reported an increase of approximately US$850 million in its excess reserves, totaling around US$3.3 billion as of June 30, the close of the quarter. 

Mainland tourists can now shop in Hong Kong with Chinese CBDC, as part of a digital yuan shopping festival launched this week by the Bank of China (Hong Kong).

Tether, the issuer of the world’s most traded stablecoin, will invest in power generation and Bitcoin mining in Uruguay to tap the country’s renewable energy resources, the company said on Tuesday.

Bitcoin and Ether prices fell on Friday morning in Asia. XRP gained after Hong Kong CBDC announcement by issuer Ripple.

Rollout of the central bank digital currency in Hong Kong is a potential game-changer and a move that others may soon look to follow.

China’s Jiangsu Province plans to expand the use of digital yuan to its public education system, as the province seeks to spearhead the country’s CBDC pilot.

Top blockchain and crypto news: Coinbase in court to force SEC’s hand. PEPE surge lifts memecoin mood. China paves CBDC path with payroll.

State employees in China’s Changshu City will receive their salaries in digital yuan from May, as China’s CBDC expands in daily uses.

Japan’s Finance Ministry is reportedly planning to launch an expert panel next month to assess the feasibility of issuing a digital yen, according to NHK.