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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Amidst growing concerns about national security and infrastructure vulnerabilities, China’s role in the cryptocurrency sphere has become a focal point of discussion. Historically, the U.S. has taken firm actions against perceived threats from Chinese technology companies such as Huawei and TikTok. The stakes are higher with cryptocurrencies, as Bitcoin mining operations could potentially serve as…
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In a recent analysis, Stanislas Bernard, the founder of Sinz 21st.Capital, delved into the complexities surrounding Hong Kong’s consideration to approve spot Bitcoin ETFs against the backdrop of China’s escalating economic crisis. With the nation grappling with a record debt-to-GDP ratio of 288% in 2023, and witnessing one of the most severe housing market collapses…
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Central banks kept up demand for gold in February, registering net purchases of 19 tonnes. Albeit the purchasing trend continued, purchases fell 58% compared to January’s demand, according to IMF and World Gold Council numbers. China reported the largest gold accumulation, acquiring 12 tonnes to maintain a 16-month gold purchasing streak. Gold Demand Still High…
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On April 1, the Chinese government announced a groundbreaking initiative led by Conflux Network: the “Ultra-Large Scale Blockchain Infrastructure Platform for the Belt and Road Initiative.” The announcement, shared in an X post by Conflux Network, signifies a significant step towards China leveraging blockchain technology to facilitate seamless and secure cross-border transactions. Shanghai Tree Graph…
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A London woman has been convicted for money laundering, having been found with over $4.3 billion in bitcoin, which she converted into physical assets. The SEC is seeking a nearly $2 billion fine from Ripple Labs in a landmark XRP lawsuit, a move Ripple’s CEO deems unprecedented. The activation of a dormant bitcoin wallet, known…
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A recent report from Jan Nieuwenhuijs, an expert in the Chinese gold market, has found that the actual gold reserves held by the People’s Bank of China might comprise over 5,300 tonnes, dwarfing official numbers. Nieuwenhuijs explains China might be a driving force behind increasing gold prices, as the country moves to hoarding gold to…
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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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Russia has proposed the development and implementation of a BRICS-wide payment system that would use central bank digital currencies (CBDCs) to manage trade settlements. The BRICS bridge, as referred to by Russian Finance Minister Anton Siluanov, would address the fragmentation of the current payment system outside the West’s “unfriendly infrastructure.” Russia Hints at Using CBDC…
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Suzhou, China, has reported that more than 29.16 million residents now have digital yuan wallets, as the nation’s CBDC project continues to gather pace. According to a Weibo post from the Suzhou Radio and Television Station, Suzhou-based individuals and firms transacted a total of over $416,811,390,000 worth of CBDC in 2023. Suzhou: China’s CBDC Success…
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