The past two years were much harder on the dollar, however. Despite rapid advancement of a digital yuan, China’s progress in internationalizing its currency has stalled out in recent months. Per data from SWIFT’s RMB Tracker released on Jan. 20, the Chinese yuan (CNY), also known as the Renminbi (RMB) had gained only .02% in…
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A former PBoC official says that his country has taken a cautious approach with the digital yuan. The Chinese government is not seeking to replace existing fiat currencies with its own digital currency, according to a former governor of the People’s Bank of China, or PBoC. Zhou Xiaochuan, the president of the Chinese Finance Association…
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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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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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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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New and developing research from the International Monetary Fund suggests that central banks around the world need new legal definitions for tokenized currencies. On Friday, the International Monetary Fund published a new working paper on central bank digital currencies, or CBDCs, and their legal ramifications. In the paper, researchers including IMF legal counsel Wouter Bossu…
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Sounds like its CBDC is unlikely to dethrone the United States dollar as the world’s reserve currency anytime soon. David Roche, president and global strategist at Independent Strategy, believes that China’s digital yuan has “a long way” before it will become able to challenge the U.S. dollar as a reserve currency, CNDC reports Nov. 2.…
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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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Details regarding the digital yuan’s characteristics are taking shape. The forthcoming digital yuan will reportedly be compatible with major payment networks within the country. Mu Changchun, the head of the People’s Bank of China’s digital currency research institute, said that the central bank-backed digital yuan will be compatible with major mobile payment wallets like WeChat…
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Some winners purchased additional digital yuan during the pilot. The vast majority of China’s $1.5 million digital yuan lottery winners have received and spent their “red packets” of digital yuan. As of Oct. 18, a total of 47,573 out of 50,000 lottery winners in China have received their prizes, Shenzhen authorities officially announced on Sunday.…
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