The city of Hong Kong has detailed the advancement of new Web3 and digital yuan initiatives as part of its 2024-2025 budget. In a speech, Hong Kong Financial Secretary Paul Chan stated that the city would expedite a Web3 sandbox for stablecoins and expand the digital yuan pilot as part of its digital finance policies.…
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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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The Hong Kong General Chamber of Commerce (HKGCC) has asked policymakers to consider allowing the issuance of Chinese yuan-linked stablecoins. In a statement released on Tuesday, the influential business organization emphasized the importance of retaining and attracting talent and businesses in Hong Kong and proposed the exploration of a “Virtual Asset Connect Scheme.” The HKGCC…
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The first cross-border digital dirham payment was completed by Sheikh Mansour Bin Zayed Al Nahyan, Chairman of the Board of the Central Bank of the UAE, using the Mbridge platform, a central bank digital currency (CBDC) liquidity and interconnection tool. The settlement involved sending 50 million dirhams ($13.6 million) directly to China. UAE Completes First…
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The central People’s Bank of China says it plans to expand its “cross-border” digital yuan pilot in Hong Kong. Per a Weibo post from the media outlet Caixin, and a report from The Paper, the Deputy Governor of the PBoC Xuan Changneng said the bank wants to “deepen the cross-border e-CNY pilot” in Hong Kong.…
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A Shanghai court has issued a verdict for the first instance of money laundering using Chinese digital yuan and cryptocurrency, marking a significant legal precedent of crypto-related crimes in China. According to Shanghai Securities News, the Yangpu District People’s Court of Shanghai has concluded this landmark case, which involves laundering criminal activity-related money with crypto…
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Source: dule964Adobe Chinese law enforcers say they have shut down a gang that was using digital yuan wallets to launder money. Per the media outlet The Paper, the gang was allegedly active in the Yuecheng District, in the municipality of Shaoxing, Zhejiang Province. The Shaoxing Public Security Bureau said it had arrested and detained seven…
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Source: blackday/Adobe China’s rapid CBDC progress is causing a rise in digital yuan-related criminal cases, including suspected fraud, identity theft, and phishing. Per the Shenzhen Securities Times, a Shanghai court this week convicted a group of criminals that exploited CBDC functions on an ATM to steal cash. A spokesperson for the People’s Court of Shanghai’s…
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Source: Keitma/Adobe Chinese bank chiefs are looking to start 2024 by driving up “cross-border” digital yuan spending. Per the Haikou Municipal Commerce Bureau (via Hainan News), the tourism hub of Haikou has begun issuing over $706,000 worth of “offshore tax-free coupons” for digital yuan-paying customers. Haikou is also known as Coconut City and before the…
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The Shanghai branch of the Bank of China has completed the first settlement of precious metals using the digital yuan. The transaction, finalized on December 19, allowed the Shanghai Gold Exchange to close a $14 million precious metal trade after receiving the funds overseas, according to local media reports. Bank of China Completes First Cross…
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