Jinan, China, says all of its bus routes now accept digital yuan pay, and will incentivize adoption by granting discounts to central bank digital currency (CBDC)-paying passengers. Per the news outlet Shunwang-Jinan Daily (via e23), the city said that all of its bus routes’ software and card readers had been updated to allow all buses…
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According to a report from the third annual China-Africa Economic and Trade Expo, Africa and China are continuing to strengthen their long-term trade ties. China wants to be one of Africa’s largest trading partners, and reports revealed on Friday that this year’s expo is expected to generate $19 billion in deals. Annual Trade Event Between…
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Energy providers in China are adding digital yuan payment options, allowing companies and individuals to settle their bills in the nation’s central bank digital currency (CBDC). Per the news outlet Dizo, the city of Suzhou’s Xiangcheng District’s drainage and sanitation companies recently used the digital yuan to settle a power bill of around $83,000. Adoption…
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China may add digital yuan functionality to government-issued social security cards, in a possible new breakthrough for the central bank digital currency (CBDC). Per the 21st Century Business Herald (via NBD), the Ministry of Human Resources and Social Security wants to “explore and promote” ways to “add digital yuan payment functions” to social security cards.…
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Officials in the United States are considering restricting the computing power of chips to lessen the flow of AI chips available in the Chinese market. Officials in the United States are mulling tighter controls on an export regulation created to minimize the availability of artificial intelligence (AI) chips to China. According to sources close to…
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The Shanghai Clearing House, Asia’s first counterparty clearing institution, announced support for payments made with the digital yuan Monday. According to reports, the move will allow companies to settle transactions for commodities in bulk, promoting the digital yuan, the Chinese central bank digital currency (CBDC), in international markets. Shanghai Clearing House to Support Digital Yuan…
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From the latter half of 2022 and continuing into 2023, the concept of de-dollarization has gained significant traction, making its mark on the mainstream media. This surge in attention can be attributed to the concerted efforts of BRICS countries such as Brazil, China, and Russia, who are endeavoring to diminish the dominance of the greenback,…
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According to the CEO of Hong Kong’s Securities and Futures Commission, Julia Leung Fung-yee, incorporating virtual assets into the regulatory system was crucial after FTX bankruptcy. The CEO of Hong Kong’s Securities and Futures Commission (SFC), Julia Leung Fung-yee, addressed Hong Kong’s embrace of Web3 regulation following the collapse of crypto exchange FTX last November,…
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Explore how the emerging economies of Brazil, Russia, India, China and South Africa cooperate in areas such as economics, development and global governance. BRICS is an acronym that represents an alliance of five major emerging economies: Brazil, Russia, India, China and South Africa. Jim O’Neill, an economist at Goldman Sachs, coined the phrase in 2001…
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A Chinese ministry has warned citizens of the severe consequences of “facilitating” crypto transactions on behalf of other people. The nation has exacted two sweeping crackdowns on crypto, one in 2017, and the other in 2021. The first crackdown mainly targeted crypto exchanges, forcing most brokers and trading platforms away from the Mainland. The second…
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