The U.S. needs to embrace privacy-focused crypto in order to compete with China’s digital RMB. Co-founder and managing partner at Electric Capital, Avichal Garg, is convinced the only way for the U.S. to catch up with China in the digital currency war is by embracing privacy-focused cryptocurrency. According to Garg, the Chinese are already far…
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China might gain control over global CBDC standards, a Japanese official warns. Japanese banking officials continue to voice concern over China’s progress in the development of its central bank digital currency. Kenji Okamura, vice-finance minister for Japan’s international affairs, warned the global community of the potential risks of China’s digital yuan, Reuters reported Oct. 9.…
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China is promoting its central bank digital currency with a public $1.5 million giveaway. The major Chinese city of Shenzhen is launching a pilot program to promote the digital yuan with a public giveaway. In collaboration with the country’s central bank, Shenzhen is planning to distribute a total of 10 million digital yuan ($1.5 million)…
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State-owned commercial banks in China are reportedly testing a wallet for the country’s forthcoming digital yuan. A group of state-run commercial banks in China are reportedly conducting a large-scale internal testing of a digital wallet designed for China’s national digital currency, the digital yuan. According to an Aug. 5 report by Reuters, the banks are…
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China’s central bank may be planning to use its digital currency to curb the dominance of Alibaba and Tencent in the digital payments sector. The People’s Bank of China is purportedly planning to use its digital currency electronic system (DCEP) — another moniker for its central bank digital currency — to target the dominance of…
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A former senior official of the People’s Bank of China said that the country has completed the backend architecture development of its digital currency. The former vice-chair of the People’s Bank of China’s National Council for Social Security Fund, Wang Zhongmin, announced that China has completed the backend architecture development of China’s central bank digital…
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The People’s Bank of China proposed a blockchain trade financing information platform for the Guangdong-Hong Kong-Macao Greater Bay Area. A number of governing entities in China recently came together to issue an official document, proposing the development of a blockchain-based trade finance platform. Contributors included the People’s Bank of China, the China Banking Regulatory Commission,…
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Bank of China continues to strengthen fintech regulation, expanding pilot projects in six more cities and districts. Bank of China launched its first fintech innovation regulatory pilot project in Beijing last year. The bank announced plans to expand its regulatory pilot projects in six more cities and districts on April 27. The bank plans to…
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Bank of China continues its anti-crypto narrative and urges the public to pay attention to crypto scams on its official WeChat account. Financial markets are facing their worst crisis since 1929 and people are looking for alternatives to protect themselves from the crash. One option being considered by many is cryptocurrency. In response, Bank of…
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China’s central bank has secured $4.7 million in funding for its blockchain trade platform over the next three years. The People’s Bank of China (PBoC) has secured $4.7 million in funding from China’s central government for its blockchain trade finance platform. The funding will be administered over three years and has been designated for research…
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