Chen Yulu, deputy governor of the People’s Bank of China, said at the weekend that the digital yuan project should be accelerated as an important part of the nation’s financial infrastructure. Source link
Yuan
14 posts
The rapidly growing city of Shenzhen will be giving away 10 million yuan (US$1.47 million) of China’s new sovereign digital money via lottery, as China seeks to test out and stimulate the usage of the digital funds, according to a report in the South China Morning Post. Source link
The People’s Bank of China (PBOC) said that 3.13 million transactions have been processed using the nation’s sovereign digital currency as part of a series of ongoing pilot programs in major cities such as Shenzhen and Xiongan. According to the bank’s deputy governor, Fan Yifei, the currency has been used for more than 1.1 billion yuan ($162 million) worth of transactions. Pilots will also be conducted at the Beijing Winter Olympics in 2022, he said. The pilot programs have made “positive progress,” with more than 6,700 use cases implemented as of late August for transactions ranging from bill payments and transport to government services. “PBOC regards […]
Residents of the southern Chinese city will have access to 10m yuan ($1.47m USD) of the country’s sovereign digital currency in a weekend lottery in a bid to trial and boost the emerging technology, media reported on Friday. 50,000 “red packets” of a state blockchain-based currency are set to be dispersed to lottery participants in Shenzhen’s Luohu district via the public services application iShenzhen, the South China Morning Post reported on Friday. Winners will receive their prizes on Sunday via the official Digital Renmenbi e-wallet app, a Shenzhen government official said in a statement on Thursday night. Winners can use the […]
The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. Source link
An official for China’s central bank has unveiled usage statistics of state-backed digital currency trials that were conducted in three Chinese cities. Speaking virtually at the Sibos 2020 conference on Monday, Fan Yifei, deputy governor of the People’s Bank of China, said the bank opened 113,300 consumer digital wallets and 8,859 corporate digital wallets for residents of Shenzhen, Suzhou and Xiong’an to pilot a digital yuan. The digital wallets processed RMB 1.1 billion ($162 million) across 3.1 million digital yuan transactions between April and August when the pilots launched and ended, Fan said, making it the most widely used central bank […]
The Chinese digital currency is undergoing internal tests, according to the deputy head of the Chinese Central Bank, Fan Yifei. However, a crypto yuan’s exact release date remains unknown. According to Fan, thorough testing in limited scenarios are needed to ensure the new product’s stability. Cryptocurrencies have become one of the fastest growing assets this year. According to the Xinhua News Agency, the Bloomberg Galaxy cryptocurrency index has risen by 65%. For comparison, gold, the second-most profitable asset, has risen by a quarter. At the same time, Beijing has not yet legalised traditional decentralised cryptocurrencies; developing the digital yuan instead. Tests […]
The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. Source link
A major bank quietly opened up a wallet service for China’s central bank digital currency to public users – but quickly disabled it after the feature gained widespread attention. Around noon on Saturday local time, users of China Construction Bank (CCB), one of the big-four state-owned commercial banks, started to notice that a central bank digital currency wallet feature was available inside the bank’s mobile app. By searching “digital currency” in Chinese, users of the app could navigate to the digital yuan wallet service and further activate it by registering with a mobile phone number associated with their bank accounts at CCB. […]
The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. Source link
Now three Tencent-backed companies are setting themselves up to become early-stage testers for China’s digital yuan initiative. Source link
The Chinese equivalent of Uber will pilot the nation’s digital yuan, a major Ethereum alliance is moving to support DeFi as Nexo gets ready to enter the prime brokerage space with help from Chainlink. Here’s the story: FOMOTikTok videos and a fomenting sense of FOMO have driven trading volumes of dogecoin up nearly 2,000%, as of Monday, according to Messari. The meme-inspired asset’s price climbed 35% over the same period. The Dogecoin Twitter handle has issued a statement saying: “Be mindful of the intentions people have when they direct you to buy things. None of them are in the spot to be financially advising. Make […]
The interest by foreign investors in trading in yuan-based oil futures has grown significantly. According to the Shanghai Energy Exchange, this year, foreigners accounted for 16 percent of the daily turnover of trading in yuan futures. Over the year, the volume of transactions with foreigners has almost doubled. China launched trading in yuan oil futures in 2018. Initially, the volume of transactions was small, and the Chinese benchmark contract served only the domestic market. Global traders are used to Brent and WTI dollar-denominated benchmark contracts, and, at first, yuan futures may have appeared to be an unusual derivative, if only because […]
The US dollar could potentially weaken against other currencies, including the Chinese yuan, if there is a resurgence of COVID-19 cases, according to Deutsche Bank’s chief Asia macro strategist. During the Monday broadcast of CNBC’s “Street Signs,” Deutsche Bank’s Sameer Goel explained that currency markets are currently dealing with “multiple cross-currents” over fears of a second COVID-19 wave. Goel’s comments come after more than 30,000 new COVID-19 cases were reported in the US over the weekend, CNBC reported. In addition, there has been a surge of infections in the Chinese capital of Beijing in recent weeks; more than 200 COVID-19 cases […]