Two Chinese banks are expanding their pilot programs for the digital national fiat. The state-owned financial institutions have revealed they are aiming to allow digital yuan holders to acquire investment funds and insurance products using the new currency. Chinese Banks Partner With Fund Managers and Insurers in Search of Digital Yuan Use Cases China Construction…
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China’s e-payment giant will allow some users to link their accounts to the country’s digital yuan app. Alipay, the mobile payment platform owned by Ant Group, is set to allow some of its users to participate in the emerging digital yuan commerce ecosystem. According to a report by China Securities Journal on Monday, this new…
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Chinese e-commerce company JD.com has upped its support for the country’s central bank digital currency. JD.com has been using China’s Digital Currency Electronic Payment, or DCEP, system to pay the salaries of some employees since January. The e-commerce firm revealed the news on Sunday while announcing its participation in the one-year DCEP trial show at the…
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Leading Chinese banks are promoting the digital yuan over Alipay and WeChat Pay for an upcoming shopping festival in China. Some of China’s largest state banks are actively promoting the digital yuan as a superior means of payment to the country’s two leading payment providers, Alipay and WeChat Pay. In an April 26 report, Reuters revealed…
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The central bank official said stablecoins issued by private companies may require “stronger regulatory rules” than Bitcoin. Li Bo, recently appointed deputy governor of the People’s Bank of China, or PBoC, reportedly spoke on the benefits of crypto as an investment tool while highlighting regulatory uncertainty in the country surrounding digital assets. According to Chinese…
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Coinbase and cryptocurrencies viewed cynically on Chinese social media, and news of a large mining GPU smuggling bust in Hong Kong. It was a relatively quiet week in China’s blockchain space as events were overshadowed by the surge in the BTC price and the Coinbase direct listing in the U.S. Many locals reacted with surprise…
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Macau’s government is taking steps towards introducing a digital currency to combat tax evasion and money laundering in the gambling hub. Macau is pushing forward with preparations fo the roll out China’s digital yuan, which could help crack down on tax evasion in its opaque gambling industry. On April 13, Ho lat Seng, the chief…
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Retail investors are flocking to buy Filecoin on exchanges with predominately Chinese user bases and the head of the PBOC thinks the digital yuan has an uphill battle to take on Alipay and WeChat Pay. Distributed storage network project Filecoin is the talk of the town as FIL was the most highly traded token on…
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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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“We need to prevent dollarization — this is one of the major designing points of the Chinese DCEP,” said Zhou Xiaochuan. China’s digital currency approach will favor its domestic retail system and prevent the dollarization of the economy according to one former senior official. Zhou Xiaochuan, the president of the Chinese Finance Association and former…
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