China’s Two Sessions: what to expect for blockchain
Look for progress reports on e-CNY, blockchain technology, new digital infrastructure, and subtle mentions of the international sanctions against Russia.
Digital yuan pilot attracts Chinese province bordering Russia
Heilongjiang province in northeastern China has joined the bid to compete with 10 other cities to become the next digital yuan pilot city, it announced on Monday. See related article: E-CNY chief says digital dollar poses no threat to China Fast facts See related article: Hong Kong makes apt testbed for e-CNY cross-border use
Collision or coexistence: Can CBDCs and crypto live side by side?
As more countries announce plans for central bank digital currencies, will that break crypto’s promise as the future of money?
EU to introduce bill next year to plan a digital euro
The European Commission announced Wednesday it will propose a bill in early 2023 to introduce a digital euro, according to a report by Politico. Fast facts The European Central Bank (ECB) is already experimenting with the digital euro and is expected to begin working on a prototype by the end of next year. A digital […]
What I learned from my role in digitizing the yuan
CBDCs are vulnerable to hacking and the powers of quantum computing, cybersecurity expert Amnon Samid writes. Central banks must heed the warning.
Five questions about the digital yuan at the Winter Olympics
All eyes will be on Beijing for the upcoming games — will China use the spotlight to officially launch its CBDC?
Why governments have powerful incentives to develop digital currencies
CBDCs can increase financial inclusion and prevent crime, according to blockchain expert Tiana Laurence. What’s not to like about state-backed digital money?
China’s central bank expands hunt for digital currency talent
Shenzhen Institute of Financial Technology, a subsidiary of the People’s Bank of China’s Digital Currency Institute, released 132 job listings, hinting at the expansion of digital yuan pilot programs in 2022. Fast facts
Digital dollar leaps closer to reality with new Fed paper
Though the world’s most powerful central bank does not stake a position, its discussion paper is a big step toward supporting a future US digital currency.
Guangzhou will advance digital yuan, blockchain pilots in 2022
Guangdong Province’s 2022 Government Report says its capital city Guangzhou will become a digital yuan testbed and a blockchain innovation application pilot center in 2022. Fast facts Guangzhou applied to become a new digital yuan pilot city in September 2021. Guangzhou is one of the major cities of the Guangdong-Hong Kong-Macao Greater Bay Area (GBA). […]
No decision on digital dollar in Fed’s new CBDC report
The U.S. Federal Reserve’s report on central bank digital currencies (CBDCs) released on Thursday did not contain policy recommendations or decisions on digital dollar issuance. Fast facts The paper acknowledged that the Fed will not proceed in creating a digital dollar without clear support from lawmakers, ideally through a specific authorizing law. The Fed said […]
Lack of audience won’t stop digital yuan showcase at Winter Olympics
The digital yuan is undergoing its final preparations in the leadup to the Beijing Winter Olympics, despite the expected absence of a general audience due to Covid-19 concerns. Fast facts The People’s Bank of China (PBOC), the central bank, said all payment channels for the 2022 Winter Olympics, including the digital yuan, are set to […]
Digital yuan transactions surge, reach $11.24B last year
The numbers are in: digital yuan’s historical transactions reached 87.565 billion yuan (US$11.238 billion) as of the end of 2021, the People’s Bank of China (PBOC) announced on Tuesday. Fast facts
Fed nominee looks to Congress for guidance on US digital dollar
The U.S. Federal Reserve is deferring to Congress to decide whether to introduce a central bank digital currency (CBDC), Lael Brainard told the Senate banking committee Thursday at her Fed vice chair nomination hearing. Fast facts Republican Senator Cynthia Lummis asked whether the vice chair nominee believed that the digital dollar should be available to […]
$1.5 billion worth of digital yuan transacted in Beijing last year
Residents in Beijing recorded 9.6 billion yuan (US$1.5 billion) worth of digital yuan transactions in 2021, after several rounds of coupon-driven promotions, according to state media, citing official data. Fast facts
Indian crypto scam investigated; Kakao’s webtoon NFTs sell out
Indian crypto scam investigated meanwhile Korea’s Kakao’s webtoon NFTs sell out
Kazakhstan crypto mining fortunes falter as regime unplugs internet
Top blockchain and crypto news: Bandwidth bust in Kazakhstan. Binance chief CZ tops rich list. Digital yuan app adoption grows.
Telecoms giant China Unicom accepts digital yuan for phone bills
China’s No. 3 telecoms provider has started accepting payment for phone bills in digital yuan on its app, in the latest move by a major firm to advance the country’s fledgling central bank digital currency (CBDC) efforts. Fast facts Since earlier this week, China Unicom customers have had the option of using digital yuan, also […]
China’s digital yuan wallet gets 16 million downloads in debut week
China’s pilot e-CNY wallet application, currently available in a dozen major cities, topped 16 million downloads in the first week after its launch, according to two data providers. Fast facts
Bored Ape NFT frenzy; Play-to-earn sustainability questioned
China’s e-CNY pilot app is ready for download as Bored Apes headline NFT frenzy.
China’s digital yuan app now publicly accessible, one step closer to launch
But e-CNY adoption remains an issue, with mobile payment platforms such as Alipay and WeChat Pay already ubiquitous.
Top 5 NFT trends to watch in 2022
NFTs are finding novel uses across many sectors, from fashion to real estate. What industries stand to benefit most from this technology in the year ahead?
Crypto in Asia: 5 top fintech regulatory stories of 2021
Countries acted to encourage — or discourage — cryptocurrency and other blockchain-based assets, sending markets wildly up and down.
U.S. will be big elephant in the room in 2022, says WEF’s Sheila Warren
While China made a big moves in banning crypto this year, US lawmakers appear to be warming up to the industry, setting the stage for next year.
Year in review: Top China blockchain news in 2021
China tries to stamp out Bitcoin mining while increasing its influence over blockchain technology and preparing the digital yuan for launch. What lies in store for 2022?
CBDC tracker shows U.S. falling further behind
Of the Big Four central banks, including those of the EU, UK and Japan, only the Federal Reserve has not progressed beyond research mode in central bank digital currencies.
Suzhou will set up China’s first blockchain pilot demonstration zone
Suzhou, a city located in Jiangsu province, will set up China’s first blockchain demonstration pilot zone, supported by the Ministry of Industry and Information Technology (MIIT), according to a local media report. Fast facts MIIT agreed to Jiangsu Province’s request for support to set up a pilot zone for blockchain in Suzhou and said it […]
NFT privacy concerns; AussieMates raises mental health awareness
NFT privacy concerns meanwhile AussieMates raises mental health awareness
New round of digital yuan coupons issued as Beijing Winter Olympics near
In Beijing, four state-run banks released a new batch of digital yuan (e-CNY) coupons on Thursday to promote its adoption rate in rehearsal for the upcoming Winter Olympics. This batch of coupons tests the e-CNY’s application in small-amount and high-frequency payment scenarios. Fast facts According to an announcement from Beijing financial authorities, coupon use cases […]
Japan’s central bank is urged to speed up its digital yen project
With economic security as a top priority, the Kishida administration anticipates the release of competing CBDCs.
The digital yuan’s de-dollarization
Why the Federal Reserve and other major central banks are likely to speed up development of retail CBDCs.
Crypto resilient to Omicron: Japan speeds up on CBDC
Crypto resilient to Omicron meanwhile Japan speeds up on CBDC
Investors queasy as prospect of India crypto ban returns
Top blockchain and crypto news: Are India’s CBDC plans crowding out crypto? Jack Dorsey goes full Bitcoin bro. China’s digital yuan hopes claim another victim.
Nigeria charges ahead with CBDC deployment with 600K app downloads
In Nigeria, the eNaira — the country’s newly launched central bank digital currency (CBDC) — has already seen nearly 600,000 downloads, according to local media Nairametrics citing the Central Bank of Nigeria (CBN). Fast facts The local media reported Saturday that the CBN governor has revealed the country’s total digital transactions rose by more than […]
What would Jerome Powell’s second term mean for crypto?
Top blockchain and crypto news: Fed nominations suggest no sudden moves. El Salvador’s Bitcoin lava affair. Dodgy dealings in China’s digital yuan.
Circle invests in JPYC; Baby Shark NFTs announced
Circle invests in JYPC meanwhile Baby Shark NFTs announced
China sees another digital yuan fraud case
Chinese police have busted yet another tele-fraud case related to e-CNY money laundering as the country continues to test the digital currency.
Taiwan has a chance to develop crypto amid China’s clampdown, Filecoin Foundation director says
As crypto projects are relocating from China to friendlier shores, it represents ‘huge opportunity’ for Taiwan.
Africa’s first CBDC wallet hits almost 500K downloads
As central bank digital currencies begin picking up steam around the world, the Central Bank of Nigeria announced on Friday the digital wallet for its own digital currency, the eNaira, has been downloaded 488,000 times in 160 countries — in just 19 days after its launch. Fast facts According to local news reports, after President […]
Russia to legalize crypto mining; Korean candidate goes all out crypto
Russia to legalize crypto mining; Korean candidate goes all out crypto
Digital yuan use surges across China with 140 million wallets as officials deny timetable for launch
China’s soft rollout of the first major economy’s central bank digital currency (CBDC) continues apace. Yi Gang, governor of the People’s Bank of China, and Mu Changchun, director of the Digital Currency Research Institute of the bank, reported that the average weekly transaction volume of e-CNY is growing by 3 billion yuan (US$469 million) and […]
What are the digital assets powering the DeFi revolution?
Digital assets are disrupting financial services in ways not seen since the Middle Ages, writes Alex Tapscott of Ninepoint Partners. Here is the taxonomy for the future of finance.
Asia-Middle East multiple CBDC bridge builds out business use cases for international payments
22 private sector finance heavyweights together with the BIS and central banks of China, Hong Kong, Thailand, and UAE aim to achieve a production-ready international trade settlement platform using CBDCs.
The Bitcoin-energy connection intensifies
Equities and Bitcoin have a clearly demonstrated bond, but now oil is strengthening its relationship to crypto, too
Hong Kong Fintech Week’s live comeback talks digital renminbi and DeFi
One of Asia’s largest fintech events returns for its sixth year with a hybrid format of live and virtual sessions. Regulators, corporations and experts share what’s important now in crypto.
China’s central bank governor calls for personal data protection at Hong Kong FinTech Week
Yi Gang reiterates the PBOC’s stance to protect data, while failing to address privacy concerns over digital yuan.
Shanghai plans to further popularize the digital yuan in the next five years
Shanghai outlined its plan to expand digital yuan pilot programs into the city’s five-year plan, in a recently released policy statement, “Shanghai’s Five-Year Plan of Comprehensive Promotion of Urban Digital Transformation.” Fast facts The plan said the city will expand pilot program for online and offline payments, transportation and government services. Shanghai is among the […]
China’s national standard for blockchain could be released next year: report
China’s first national standard for blockchain could be released next year and a draft is now in the process of being submitted for approval, an official said earlier this week at an event in the western province of Sichuan, according to a report from local media Chuanguan, run by state-owned Sichuan Daily. Fast facts Li […]
Tales from the Crypt, 2021: 10 crypto horror stories
Behind this year’s giddy markets, evil and tragedies abound. Just in time for Halloween, Forkast.News shakes out the skeletons in crypto’s closet.
How can we better protect digital assets and guard against hackers?
As Asia warms to crypto, cyber attacks are growing in sophistication, writes Shahnawaz Backer of F5. What can be done to thwart bad actors?
China has no plan to promote its e-currency within BRI countries — yet
“For now, we do not have any plan for using e-CNY in the Belt and Road Initiative (BRI) countries yet,” China’s central bank chief said at the 2021 G30 International Banking Seminar, regarding the electronic yuan (e-CNY), the world’s first major central bank digital currency that is being slowly rolled out in China. Meanwhile, authorities […]
What Singapore’s novel crypto license scheme means for the future of payments
In a special Q&A, CEO Louis Liu describes the hoops FOMO Pay jumped through to win Singapore’s first crypto license and calls its regulator a ‘collaborator.’
Top China retail platform to accept digital yuan during Double 11 shopping festival
JD.com, an online retailing platform ranked by trading volume as No. 1 in China and No. 13 globally by Deloitte, said it will accept electronic yuan (e-CNY) payments during the upcoming Double 11 shopping festival and will issue digital yuan coupons during the event. Fast facts The Double 11 shopping festival refers to a Chinese […]
China’s crypto investors get creative to bypass domestic trading ban
Some are registering companies overseas, via — you guessed it — Taobao vendors.
China fuels blockchain development despite stricter crypto ban
Authorities encourage new ways to apply blockchain across various industries, although there’s no room for crypto
As regulators circle above, how should the DeFi industry respond?
Traditional finance evolved over centuries while DeFi is coming into its own in a few years, writes Adi Ben-Ari of Applied Blockchain. Are its risks inevitable?
Crypto tax critical to Korean election: China crackdown continues
South Korean presidential hopefuls lean towards delaying crypto tax to impress younger voters.
Chinese President Xi Jinping underscores blockchain importance in transport
Chinese President Xi Jinping said on Thursday at the United Nations Global Sustainable Transport Conference the country needs to uphold an innovation-driven approach and create more drivers for development. He specifically mentioned in his remarks the integration of blockchain. Fast facts Xi said more should be done to develop smart transport and smart logistics and […]
China’s state-backed blockchain network, U.S. firm team up to enhance CBDC efficiency
China’s Blockchain-based Service Network (BSN) — a public-private nationwide infrastructure project to spur mass adoption of blockchain technology — is partnering with a New York-based blockchain company to advance interoperability as BSN actively expands its global presence to lure more developers to use the blockchain network. Fast facts Cypherium, a smart contract technology provider focusing on central […]
Bitcoin bulls set for stampede amid six-figure forecasts
Top blockchain and crypto news: Big money heads for Bitcoin. How fishy are Squid Game NFTs? China mothballs mining.
Postal Savings Bank of China tapped for development role in digital yuan payments
The Postal Savings Bank of China has become one of the appointed research and development institutions for the electronic Chinese yuan (e-CNY), allowing the bank to hold a first-mover advantage in the competition for position in China’s electronic payments market, its owner, the state-owned China Post Group, said in an article. Fast facts The bank […]
Why domestic and overseas Chinese should worry about China’s crypto ban
In a special Q&A, a Canadian law advisor who works with Chinese clients breaks down the ban’s potential legal boundaries and concerns held by overseas Chinese.
How will China’s new dictates affect Hong Kong’s future as a crypto hub?
Mainland China’s recent clampdowns on crypto are reverberating beyond its borders. In a special Q&A, former regulator and crypto industry leader Angelina Kwan discusses what this means for Hong Kong.
Government-backed NFT art-trading market launched in China’s new duty-free port
The Hainan International Art Exchange Center on Wednesday launched an NFT art-trading platform that supports e-CNY payments, according to China News’ report. According to the staff of the center, the blockchain platform provides services for the purchase and sale of art between art institutions. Institutional traders will be able to tokenize physical artworks as NFTs […]
Who in the world should worry about China’s new crypto ban?
As Chinese authorities take aim at crypto violations outside mainland borders, Forkast.News asks lawyers in the know: Who is in China’s line of fire?
Cabs in Chinese city Xi’an pilot digital RMB as fare
The Xi’an taxi industry and the Bank of Xi’an launched an e-CNY pilot program to accept e-CNY as fare, becoming the first city in China to accept digital renminbi as a taxi fare, a local newspaper reported. Fast facts Ten cabs selected as pilot vehicles have QR codes posted, and passengers can scan the QR […]
Unmade in China: Beijing’s crypto cold war turns hot
Top blockchain and cryptocurrency news: Beijing’s crypto crusade comes to a head. Chinese mining caves in. Mr. Goxx reaps robust returns.
China fallout hits mining; Korea digital custody competition heats up
China fallout hits mining meanwhile Korea digital custody competition heats up
How central banks are wielding blockchain in soft power competition
China’s crypto ban is part of a global battle over freedom and ideology, writes Michael B. Greenwald. How can the US lead the world in a different path?
China’s crypto crackdown: What it means
China’s crypto crackdown and what it means
China’s crypto ban: what you need to know
How is China’s latest clampdown on crypto different from its previous bans — and how do authorities plan to catch the scofflaws? Henri Arslanian of PwC breaks it down.
What does China’s crypto ban really mean? Insights from the ground
China’s hardline stance against crypto is already rippling beyond its borders. A mainland crypto insider explains the global shakeup yet to come.