Some 450,000 JD.com customers have used China’s digital yuan for payments as of June 2021. E-commerce giant JD.com took payments in China’s central bank digital currency (CBDC) at a massive local shopping event. JD.com accepted digital yuan (e-CNY) for payment on its e-commerce application for the Singles Day promotion period which began on Oct. 31…
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According to a recent report, Beijing is pressing the fast-food retail chain McDonald’s to support the digital yuan before the Winter Olympics in China scheduled for February 2022. The report notes that China is also pushing companies like Visa and Nike to join in on the central bank digital currency (CBDC) rollout. Chinese Government Pushes…
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The “Big Mac Rubik’s Cube” NFTs will be distributed to Chinese employees and customers by McDonald’s China as a part of a giveaway. Fast-food giant McDonald’s China released a set of 188 nonfungible tokens (NFT) on Oct. 8 to celebrate its 31st anniversary in the Chinese market. Branded as “Big Mac Rubik’s Cube,” the NFTs…
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On September 28, reports stemming from social media and crypto-focused forums detailed that China has been blocking a number of cryptocurrency websites. The Twitter handle for 8btc News tweeted that the web portals coinmarketcap.com and coingecko.com have been blocked from mainland China. The ‘Great Firewall,’ as it is often called, has also blocked a number…
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Many in the crypto space are calling for the U.S. to assert its foundational principles by implementing crypto policies in opposition to China. In the wake of yet another iteration of China’s enduring crackdown on cryptocurrency, a particularly influential narrative on Crypto Twitter suggests that by banning Bitcoin (BTC), China has definitively put itself on…
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Huobi Group co-founder Du Jun intends to safeguard all crypto assets for Chinese accounts before permanently closing them down by Dec. 31, 2021. The uncertainties sparked by China’s blanket ban on crypto trading have taken a downturn as homegrown crypto exchanges such as Huobi take proactive measures to protect and return existing investments residing on…
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Since 2009, China and Hong Kong have “banned” or otherwise caused FUD in the crypto space on 18 separate occasions. The price of Bitcoin fell 5% today following “breaking” (read: weeks old) news that the People’s Bank of China, or PBoC, had declared all cryptocurrency transactions illegal. With that in mind, let’s take a nostalgic…
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The People’s Bank of China (PBOC), the country’s central bank, published a Q&A to its website which said that Chinese citizens participating in virtual currency exchange offshore is “considered illegal financial activity.” The PBOC also reiterated comments it had made in the past stressing that “financial institutions and non-bank payment institutions” cannot process crypto payments.…
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PBoC maintains its anti-crypto stance despite local players experimenting with digital yuan-pegged stablecoins. The rapid adoption of cryptocurrencies like Bitcoin (BTC) poses a major challenge for the traditional financial system, an executive at the Chinese central bank has warned. Wen Xinxiang, director of the payment and settlement department at the People’s Bank of China (PBoC),…
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The Chinese central bank is setting up a “coordination mechanism” with state agencies to continue battling crypto. The Chinese government is getting more serious about cracking down on the cryptocurrency industry as state authorities are bringing forces to combat crypto operations in the country. The People’s Bank of China (PBoC) officially announced on Friday a set…
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