Articles filed under

Digital Yuan

38 articles

September 2023

Solana leads gains following Visa partnership news, Bitcoin little changed even as whales snap up asset

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

July 2023

Tourists from Mainland China can now shop in Hong Kong with Chinese CBDC

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).

June 2023

Shanghai Clearing House launches digital yuan services for commodity trading

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

May 2023

China’s Jiangsu Province to expand digital yuan adoption in education sector

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.

April 2023

Coinbase sues SEC in bid for clarity on crypto rules

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

China’s Changshu city to pay civil servant salaries in digital yuan

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

March 2023

China’s WeChat social media giant integrates digital yuan into payment platform

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.

CBDC: Boon Or Bane?

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

China’s digital yuan initiative gets cold reception from Hong Kong visitors

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

February 2023

China should reconsider its ban on cryptocurrencies, says former central bank official

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

Digital yuan sales during Lunar New Year up from last year, online retailers say

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

October 2022

Macau is betting on digital currency, CBDC as legal tender

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 […]

Shenzhen leads China in cross-border CBDC transactions: report

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 […]

September 2022

Australia gears up for state-backed digital currency trials

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

China busts ‘world’s dumbest thieves’ in digital yuan money laundering case

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

China to expand digital yuan trials within its most populous provinces

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

Chinese central bank should issue RMB stablecoin for metaverse: academic

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 […]

August 2022

China expands digital yuan loans to further cities

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

China’s central bank to expand digital yuan pilot program

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 […]

June 2022

Digital yuan transactions top US$73 mln in Guangzhou

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 bounces back; South Korea crypto tax delay

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

Chongqing joins China’s digital yuan tax pilots

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

May 2022

China to issue free digital yuan to boost locked down economy

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 […]

E-CNY use widens in Chinese schools; Terra faces audit

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.

China expands use of the digital yuan to high school campuses

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 […]

China southeastern city tops US$3mln digital yuan transactions in pilot month

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 […]

Covid-19, postponed Asian Games to push digital yuan into the slow lane?

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.

China broadens digital yuan trial to select hospitals, Tianjin civil salaries

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: […]

Digital yuan gets green light on buses, trains in Xiamen, Guangzhou cities

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 […]

April 2022

China expands digital yuan trial to cover tax, social security, toll gates

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 makes Russia denial; CoinDCX talk future plans

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

e-CNY now a payment option on WeChat Pay in all pilot areas

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 […]

Will London be Europe’s next crypto capital?

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

China’s e-CNY push; India’s crypto tax kicks in

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

China’s digital yuan expands to five more cities

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

March 2022

Asian Games set for digital yuan, metaverse pilots, tech firm claims

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 […]

Russian bank given crypto license: China to monitor outflows

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.

What US Fed’s interest rate hike means for China and its CBDC

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