e-CNY

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.

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 […]

Top blockchain and crypto news: Fed nominations suggest no sudden moves. El Salvador’s Bitcoin lava affair. Dodgy dealings in China’s digital yuan.

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 […]

Chinese police have busted yet another tele-fraud case related to e-CNY money laundering as the country continues to test the digital currency.

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 […]

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 […]

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.

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 […]

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 […]

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 […]

South Korean presidential hopefuls lean towards delaying crypto tax to impress younger voters.

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 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 […]

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.

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.

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 […]

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 hardline stance against crypto is already rippling beyond its borders. A mainland crypto insider explains the global shakeup yet to come.

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

China may be a small step closer to internationalizing the yuan, though its central bank says the e-CNY is now mostly tested for domestic use.

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.

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 […]

Shaanxi Province has built the province’s first toll lane that supports digital yuan payments; the first payment was successfully made on August 16. Fast facts Shaanxi Province says it will continue to install digital renminbi payment equipment at all expressway toll stations in the province. Shaanxi Province is located in the western inland region of China, and […]

China’s high penetration of smartphones, digital-savvy population helps reduce e-CNY testing time, observers say

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 […]

The number of digital yuan patents is growing, with patent applications related to digital currency numbering 271 since the beginning of last year, data compiled by Mpaypass.com show, as tests of e-CNY continue under the Chinese government’s watchful eye. Fast facts The data shows that the total number of patent applications since 2020 has surpassed […]

E-commerce company’s tie-up with government-owned lender suggests hybrid private-state future for central bank digital currency.

The Business Administration Department at China’s central bank has said it will push forward pilots of the e-CNY digital currency in the Winter Olympics area to cover all payment scenarios. Fast facts To promote the digital yuan for the Winter Games, two batches of e-CNY red packets were distributed in Beijing in February and June, totaling 50,000,000 yuan […]

People’s Bank of China vows to keep sector under ‘heavy pressure’ as it pushes digital yuan.

A digital yuan wallet app launched by China’s central bank will include an electricity bill payment feature designed by the country’s State Grid, according to Economic Information Daily, a local financial media outlet.  Fast facts Users will be able to pay their electricity bills through the digital yuan app directly and do not need to […]

China’s trial of e-CNY, the digital version of the national currency, the yuan, has extended to the insurance industry, with conglomerate Ping An encouraging medical staff in the southern city of Shenzhen to pay premiums for a Covid-19 insurance plan using the new currency. Fast facts One Ping An branch in Shenzhen is offering insurance […]

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 […]

Privacy concerns prompt call for Americans to avoid e-CNY as lawmakers point to use of WeChat app to ‘surveil, threaten and arrest Chinese citizens.’

Central bank in apparent push for adoption ahead of Olympics as it doubles up on warning over non-state cryptocurrencies.

In a new report, BIS says countries must work together and design CBDCs with interoperability in mind. Hong Kong and Singapore lead mCBDC efforts.

Warning comes as Beijing ramps up efforts to internationalize China’s currency through launch of digital yuan.

Top blockchain and cryptocurrency news: Binance bounced out of Britain. Musk moves Shiba Inu prices again. China’s digital currency gets ready to roll.

Adoption of e-CNY for urban transport networks marks first step in wider introduction of state-backed digital money.

In the last installment of a 3-part series on blockchain in Asia, Forkast.News examines: Everyone knows money has value. But does it also have ‘values’?

Agricultural Bank of China has set up a fintech innovation center in Xiong’an, a model for a so-called smart city.

How China’s deployment of the digital yuan intertwines economics with geopolitics and concrete with virtual infrastructure, from Cambodia to the Caribbean.

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.

Long before most governments, the Asian superpower saw the potential in Bitcoin’s technology to spawn the next internet and a new form of money.

Urged on by the authorities, banks have wasted little time in putting e-CNY infrastructure in place, but now comes the hard part — getting people to use it.

CBDC ATMs appear around Beijing and Hong Kong-based Amber Group is Asia’s billion dollar unicorn after raising US$100 million in its Series B.

Two of China’s largest state-owned banks, the Industrial and Commercial Bank of China (ICBC) and the Agricultural Bank of China (ABC), are now offering two-way exchange between fiat cash yuan and e-CNY digital currency through more than 3,000 ATMs in Beijing, according to reports in local media.  Over 3,000 ATMs in Beijing managed by ICBC […]

Money may be easy to part with when it’s free, but as Shanghai’s first experimental e-CNY giveaway shows, it’s not so easy finding shops to take it.

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

Shijingshan, a site for the upcoming Winter Olympics, has started supporting payments made using the state digital money, known as e-CNY.

China has released guidelines aimed at boosting the country’s blockchain development.

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.

It is important to distinguish between developing a digital currency for currency digitalization and digitalization of assets or cryptocurrencies so that China can be more focused on preventing risks in the financial sector, said Fan Gang, a Peking University professor and a prominent advocate in China for economic reform. Fast Facts: In a keynote speech […]

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.

Former People’s Bank of China Director Yao Qian says that the country’s digital yuan is not a surveillance tool for the government.

The U.S. dollar reigns supreme as the current world reserve currency. Could the USD’s status change with the rise of CBDCs like China’s DCEP digital yuan?

Global US dollar reserves touched a 25-year low in Q4 2020, according to a new IMF report. Will a digital euro and e-RMB muscle in?

Other top blockchain and cryptocurrency news: How Dogecoin copycat SHIB coin vaulted into crypto’s top 20. China unveils fingerprint ID for digital yuan.

Chutian Dragon and IDEX Biometrics offer DCEP digital currency wallets with fingerprint recognition. The companies say the feature enhances security.

While Bitcoin Cash surges, we visit a Japanese coffee shop owner who just started accepting BCH as payment.

China’s DCEP digital currency, not yet officially launched, take another leap forward with unveiling of prototype ATMs that convert foreign money to e-CNY.