The numbers come following the Suzhou municipal government giving away roughly $3 million in a digital yuan lottery for residents. People in China have conducted roughly 20,000 transactions through e-commerce company JD.com in a trial of the country’s digital yuan. According to local media outlet Global Times, JD.com reported that 80% of participants born in…
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Preliminary talks are underway to begin testing the e-CNY in the special administrative region of Hong Kong. China’s central bank and the Hong Kong Monetary Authority, or HKMA, are in the preliminary stages of piloting the digital yuan for cross-border payments — underscoring another key development in the rollout of a central bank digital currency,…
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After an earlier attempt, China Construction Bank has gone back to the drawing board with new partners and a new proof-of-concept for a blockchain-based bond. China Construction Bank, the world’s second-largest bank by assets, is cooperating with Malaysian and Singaporean partners to test blockchain technology for use in the bond market. As previously reported, China…
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Despite ambitions of overtaking the dollar, China’s central bank will have a hard time monitoring all the transactions involved in a CBDC, though commercial banks might lend a hand. There are technical limits to even the most technologically ambitious of central banks. So says Sky Guo, CEO of Cypherium — an enterprise blockchain platform that…
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Macau’s gambling industry is reeling amid rumors that the city’s regulator is in talks with casino operators regarding the introduction of China’s digital yuan. China’s central bank digital currency is expected to further exacerbate Macau’s declining gambling revenues. According to a Dec. 2 article from Bloomberg, junkets — Macau businesses that act as middlemen to…
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Russia wants to follow China’s approach of banning private stablecoins pegged to its national fiat currency. Senior officials at the Bank of Russia have come out against the issuance of private stablecoins pegged to the Russian ruble. Sergei Shvetsov, a first deputy governor of the Russian central bank, said that the bank aims to ban…
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Bitcoin Core touts itself as a direct descendant of Satoshi Nakamoto’s original Bitcoin software client. Bitmain, one of the world’s largest Bitcoin (BTC) miner producers, has reportedly halted its funding for some primary developers maintaining Bitcoin-related software. Jonas Schnelli, a major Bitcoin Core contributor and maintainer, claimed that Bitmain halted its support after funding his…
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After a week of gloomy headlines and a brutal price dip, traders would do well to think long term. In the midst of the crippling price dips earlier this week, cryptocurrency traders seemed beset on all sides by fear, uncertainty, and doubt. However, Dermot McGrath, head of research at blockchain investment firm Sino Global Capital,…
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The Director of National Intelligence wants to have the SEC’s leader briefed on the dangers of the U.S. falling behind in crypto. The United States national security apparatus is warning other agencies about China’s upcoming digital currency. On Wednesday, news outlet the Washington Examiner reported on a letter that National Intelligence Director John Ratcliffe had…
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Tied in with a national shopping event, the trial will add “offline” and “touch” functionality. The Chinese city of Suzhou will be the second to roll out a “red envelope” trial for the forthcoming digital yuan, according to a report in local media outlet The Paper. Following the successful pilot scheme run in the city…
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