Digital Yuan

Solana led gainers in the top 10 cryptos, after the protocol announced a new partnership with payments giant Visa.

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).

The Shanghai Clearing House started digital yuan clearing and settlement services for trading in commodities on Monday.

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.

WeChat, China’s leading social networking and payment app, has integrated the digital yuan into its payment network, which may help adoption of the CBDC.

Critics fear CBDCs could mean the end of cryptocurrencies, and an increasing number of countries are racing to develop their own.

China is promoting digital yuan to Hong Kong visitors, but has not received much enthusiasm so far.

China’s blanket ban on cryptocurrency trading can have the country miss critical opportunities for technological development, says former PBOC official.

Digital yuan sales at online retail platforms in China have surged during the Lunar New Year holidays fueled by local governments’ red packet coupons.

The city of Macau, a special administrative region of China and home to a thriving casino industry, is seeking to grant digital currency status as legal tender, the Executive Council of Macau announced on Friday. See related article: Macao needs China’s heft in tech to introduce CBDC, official says  Fast facts See related article: Macao […]

Companies in Shenzhen in mainland China made up one-third of the transaction volume in a cross-border central bank digital currency (CBDC) bridge pilot project, according to a report by Chinese media outlet 21Caijing, citing Shenzhen’s local financial authority. See related article: Australia Senator proposes regulating Chinese banks in country using e-CNY  Fast facts See related […]

Top blockchain and crypto news: Digital dollar didgeridoos. Bitcoin softens as sterling sinks. ‘World’s dumbest’ crypto criminals nabbed in China.

Chinese authorities can track e-CNY wallet transaction history, if warranted, thanks to its ‘managed anonymity’ design.

The entirety of the provinces of Guangdong, Jiangsu, Hebei and Sichuan will be piloting the e-CNY by end 2022, says central bank official.

China should issue a digital yuan-collateral stablecoin to establish an on-chain payment system for China’s metaverse, as the infrastructure developed by China itself is the key to ensuring national security, said influential academic Zhang Ping of the Chinese Academy of Engineering, an institution providing policy consultation to the Chinese State Council. See related article: Naver’s […]

The city of Suzhou in China’s Southeast became the latest to issue an e-CNY loan to a manufacturing unit. See related article: China’s central bank to expand digital yuan pilot program Fast facts See related article: Complete anonymity never a consideration for CBDC: PBoC official

The People’s Bank of China (PBoC) has listed the “orderly expansion of the scope of the digital yuan pilot” as one of its key tasks in the second half of the year, according to a Tuesday press release from the Chinese central bank’s second-half-year work plan. See related article: Covid-19, postponed Asian Games to push […]

It took two-and-a-half months for China’s southeastern city of Guangzhou to surpass 490 million yuan (US$73.2 million) in digital yuan transactions, People’s Bank of China Guangzhou branch deputy manager Guo Yunxi said, according to local media.  See related article: JD.com tops US$60 mln in digital yuan sales in 618 shopping festival Fast facts See related […]

Bitcoin recovers from it’s weekend slump, standing at over US$20K. Meanwhile, Elon Musk’s support sees Dogecoin gain 12%.

A Chongqing-based company became the first in the city to pay taxes with China’s central bank digital currency (CBDC), the digital yuan, according to local media. See related article: China to issue free digital yuan to boost locked down economy Fast facts See related article: What I learned from my role in digitizing the yuan

Shenzhen, Guangzhou, and Xiong’an New Area announced they are distributing free digital yuan “red packets” to boost local consumption amid China’s economic slowdown fueled by mass Covid lockdowns.  See related article: Covid-19, postponed Asian Games to push digital yuan into the slow lane? Fast facts See related article: What I learned from my role in […]

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.

The Lu Xun High School in China’s Hainan province has provided students with a new campus smart card device with digital yuan payment functionalities, further expanding use of the e-currency at education institutions, China’s largest state-owned broadcaster China Central Television (CCTV) reported Tuesday. See related article: Covid-19, postponed Asian Games to push digital yuan into […]

Jinhua, a city in China’s southeastern province Zhejiang, has announced that it has totaled at least 23,929,100 yuan (US$3.5 million) in digital yuan transactions in its debut month, with 556,600 digital yuan wallets opened for individuals, and 34,700 for business and institutions.   See related article: Covid-19, postponed Asian Games to push digital yuan into the […]

China’s central bank is driving the adoption of the digital currency, but a spate of lockdowns is slowing the economy and raising questions about the rollout.

The city of Tianjin has begun paying the wages of some finance department workers in digital yuan, while local Chinese media reported that selected hospitals in Hangzhou and Guangzhou have begun accepting digital yuan payments for medical treatments. See related article: Central banks double down on CBDC issuance: BIS report Fast facts See related article: […]

China’s digital yuan is now accepted on Guangzhou city trams and can be used to recharge Xiamen’s city public transport card, as the metropolises join an expanding network of cities using the digital currency. See related article: Chinese state media calls for wider e-CNY adoption Fast facts See related article: Xiamen issues China’s first blockchain-based […]

China has broadened the range of public services and the number of cities included in its digital yuan pilot project underway in the provinces of Zhejiang and Fujian. See related article: Chinese state media calls for wider e-CNY adoption Fast facts See related article: Hangzhou races to showcase digital yuan at Asian Games

Binance categorically denies sharing client data with Russia. Meanwhile, Chinese officials push for e-CNY use at the Asian Games.

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 […]

Top blockchain and cryptocurrency news: Britain’s crypto gamble. WAVES crashing. China’s big digital yuan push.

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

Residents in five more Chinese cities were able to access digital yuan wallets starting Thursday, marking a major development for central bank digital currencies (CBDCs) globally.  See related article: Asian Games set for digital yuan, metaverse pilots, tech firm claims Fast facts See related article: Digital yuan pilot attracts Chinese province bordering Russia

A Hangzhou-based data firm has confirmed that it is working on the application of the digital yuan and the metaverse in the upcoming 2022 Asian Games.  See related article: China’s digital yuan app now publicly accessible, one step closer to launch Fast facts See related article: 2022 Asian Games in Hangzhou to sell torch NFTs […]

As the conflict between Russia and Ukraine rages on and sanctions continue to mount, Russia-based bank Sberbank obtains a crypto license from the Central Bank of Russia. Meanwhile in China, social media platform Weibo allows its users to mint NFTs of their social media posts.

Capital control limiting outflows may be less of an issue in the future with e-CNY being a ‘controllable currency,’ experts say.