A Fellow at the Carnegie Russia Eurasia Center and former adviser at the Central Bank of Russia has weighed in on the digital ruble, Russia’s central bank digital currency (CBDC), highlighting its potential role in reshaping Russia’s financial landscape amid sanctions. While the digital currency could offer new avenues for trade and reduce reliance on…
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China’s digital yuan initiative has advanced considerably, backed by over a decade of research and four years of pilot experimentation, according to Lu Lei, Deputy Governor of the People’s Bank of China (PBOC). Trials for the Chinese central bank digital currency (CBDC) have been conducted in 17 different areas, accumulating a total transaction value of…
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The People’s Bank of China and the National Bank of Kazakhstan have signed an agreement to collaborate on central bank digital currencies (CBDCs). This collaboration agreement, formalized during President Xi Jinping’s visit to Kazakhstan, aims to enhance CBDC research through joint initiatives and professional development. China and Kazakhstan to Collaborate on Central Bank Digital Currencies…
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Tencent, the Chinese tech giant, was revealed to be participating in the tests that the Chinese institutions have completed using Mbridge, a CBDC-enabled cross-borders settlement platform. Tencent participated through its international settlements arm Tenpay, which piloted the use case of the Chinese CBDC, the digital yuan, to settle e-commerce exports using Mbridge’s rails. Tencent Participated…
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The digital yuan app, which services users of the Chinese CBDC, has dropped the ‘pilot’ label from its name without any announcement, prompting speculation about an upcoming move to production stages. While local Chinese news outlets explained that this change had to do with app requirements, some expect this might be a step before its…
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A major Chinese bank, Industrial Bank, will reward digital yuan-using customers with carbon points as it targets further CBDC adoption. Per CICC Online, the bank announced that verified digital yuan wallet users can now obtain “personal carbon account points” when they use its app to make purchases with the CBDC. Major Chinese Bank: Digital Yuan…
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The Hong Kong Monetary Authority (HKMA) and the People’s Bank of China (PBOC) have advanced the digital yuan (e-CNY) pilot for payments, aiming to increase e-CNY wallet usage in Hong Kong. Residents can now set up and top up wallets via the Faster Payment System (FPS), marking the first global linkage of a faster payment…
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China’s JunHe Law Firm has released a report addressing the anti-money laundering (AML) challenges posed by digital yuan. JunHe’s Partner Chen Xin recently co-authored and published The Anti-Money Laundering Challenges and Opportunities of the Digital Yuan, an article that analyzes China’s central bank digital currency (CBDC)’s AML compliance. JunHe’s Report on Digital Yuan AML Compliance…
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The e-CNY Research Institute has been inaugurated to support advancements of China’s central bank digital currency (CBDC). According to a recent report by MPayPass, institute was unveiled at the “2024 Second e-CNY Industry Sustainable Development Seminar” in Suzhou, where industry experts gathered to mark the occasion. The Seminar was co-hosted by the Suzhou City Digital…
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China’s central bank, the People’s Bank of China, has published a digital yuan service guide for foreign visitors to help them make contactless payments with e-CNY. As per a local news report, “Explore the Splendors of China with e-CNY Service Guide for Visitors in China” published by the central bank, international tourists can now pay in…
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