CHINA

Digital yuan nears launch as China sweats over Libra

Sovereign virtual coin lets Beijing bolster oversight and boost currency abroad. China appears on track to launch a sovereign digital currency next year, becoming the first major country to do so, as Beijing aims to track money flows more closely and combat planned cryptocurrencies such as Facebook’s Libra. With work completed on conducting research and setting standards […]

China’s Central Bank Completes Design of its Digital Currency

China’s central bank, the People’s Bank of China (PBoC), has announced it has completed the design of its digital currency, local news outlet JRJ.com has reported. According to the announcement, China’s central bank digital currency has completed its “top-level design, standard formulation, functional research and development.” Mu Changchun, head of the digital currency research institute […]

Digital Currency Manual for Chinese Officials in High Demand, Enters Second Printing

A 200-page manual titled “Digital Currency: A Reader for Cadres” entered its second printing in January. The high demand signals interest from China’s government amid confusing regulations on cryptocurrencies. The handbook was first released in November, and includes a comprehensive set of 23 articles, starting from the basics of digital currencies to their impact on […]

Emerging tech firms face tighter scrutiny

PBOC officials moot stricter measures in financial sector to protect investors. Regulators are expected to adopt a tough stance on emerging technology in the financial sector and extend supervision of technology giants in an effort to curb systemic risks, central bank officials said on Tuesday. Over-innovated financial products with lagging regulation may lead to financial […]

China’s gold-backed crypto looming as ‘Pearl Harbor type event’ for US dollar in 2020 – Keiser Report

There are two economies in the United States, says RT’s Keiser Report, the real economy, where the 99 percent live, and the one-percent economy, where bankers and the corporate elite live. “Consumers are spending and life is going on,” whereas on Wall Street one can see “non-stop interventions, quantitative easing is needed, interest rates were cut again […]

Asia’s central banks are ahead in the race to develop their own digital currencies, say experts, led by China, Hong Kong, Thailand

Asia is a step ahead of other regions in developing central-bank digital currencies, with China, Hong Kong and Thailand set to roll out sovereign virtual tokens as a means of payment and to better monitor money flows. One thing these central banks have in common is that they are all planning to partner with commercial […]

China Blockchain News: Everything To Know About National Blockchain Network BSN

When President Xi Jinping spoke fondly about blockchain and encouraged Chinese companies to “seize the opportunity” with the technology last year, the Blockchain Ser­vice Net­work (BSN) could be the project that will speed up the adoption of the distributed ledger technology in the country. The nationwide blockchain network is supported by China’s State Information Center […]

Why China Is Banning Crypto but Is Bullish on Blockchain

Babel Finance is one of China’s largest financial service providers.  The firm works with crypto mining companies to fund the volatile industry and products including crypto-backed loans, deposit services, margin trading and derivatives. Since July 2018, Babel has issued $400 million in crypto-backed loans with a balance of more than $300 million outstanding. Before pivoting […]

Hong Kong, rule of law and the free market

In general, Hong Kong has a reputation as a reliable and predictable non-interventionist regulator. Most rules are clearly laid out and easy to comprehend and follow for people with little legal training (like me). Rules rarely contradict each other and while government agencies do not closely coordinate with each other or share common goals, there […]

China’s sovereign digital currency – still no launch date

People’s Bank of China says research and development work will continue in 2020. Beijing is keen to create a digital currency to offset perceived risks posed by bitcoin and Facebook’s Libra China’s central bank said on Sunday it will continue with its research and development into the creation of a sovereign digital currency in 2020, […]

China’s Digital Yuan Will Target Retail Payments First, Ex-Central Banker Says

One of China’s first goals with its central bank digital currency is to facilitate retail payments, a former senior official said Monday. Speaking at the Caixin Hengqin Forum in Zhuhai, former head of the People’s Bank of China Xiaochuan Zhou said the country will stress the retail use of digital payment for the digital yuan, […]

State financial regulators

The emergence of digital currencies poses a major dilemma for the guardians of economies across the globe. While some countries have taken a liking to the newcomers, others remain cautious or opted to ban them outright. Bitcoin was born nearly nine years ago as something brand new for both the world of payment systems and […]

Hong Kong to Educate Public on Crypto and ICOs

Hong Kong authorities have launched a campaign to educate the public on the risks associated with ICO and cryptocurrency investment. Kicking off yesterday, the campaign started on Jan. 29 and was launched by the government’s Financial Services and the Treasury Bureau (FSTB) and the Investor Education Centre (IEC), a subsidiary of the Securities and Futures Commission […]

Unlike Libra, Digital Yuan Will Not Need Currency Reserves to Support Value: PBOC Official

The head of the People’s Bank of China’s (PBOC) digital currency research subsidiary, Changchun Mu, said China’s cryptocurrency will not need a currency basket to maintain a stable value. Speaking to reporters at The China Finance Association Academic Annual Meeting and China Finance Forum Annual Meeting in Beijing Saturday, Mu said the digital yuan would […]

China’s digital yuan takes shape with new encryption law

BEIJING — China rolls out new rules governing online encryption Wednesday, paving the way for a digital version of the yuan and taking greater control over cyberspace. The national cryptography law, established in October, makes government responsible for setting encryption standards covering both the state and industries. Encryption is divided into three categories — core, common and commercial — and the law […]

Forget bitcoin, China’s crypto-yuan is set to transform banking

Digital currencies could become substitutes not just for physical cash but also for bank reserves. So is China readying its own bitcoin? Banish the thought. It’s far bigger than that. Yes, just like any other crypto-currency — or for that matter, cigarettes in POW camps — the upcoming digital yuan will be “tokenised” money. But […]

Why China’s digital yuan is ‘a dictator’s dream’

Human rights activist says Beijing is embracing blockchain technology because it serves its totalitarian agenda. China’s President Xi Jinping last month enthusiastically endorsed blockchain technology, generating much excitement in the global crypto community. However, a subsequent crackdown on crypto traders by the People’s Bank of China has made it clear that Beijing’s fondness for such revolutionary technology does not extend […]

Hong Kong tops global IPO market in 2019

(ECNS) — Hong Kong ranked first in the global IPO market in 2019, with total fundraising reaching HK$315.5 billion ($40.5 billion), 10 percent higher than in 2018, according to data released by PricewaterhouseCoopers (PwC) on Thursday. Its main board performed strongly in 2019, with the fundraising total of 169 IPOs at HK$314.5 billion ($40.4 billion), […]

China and Russia begin testing cryptocurrency

A lot has happened last week on the crypto market. Here is a summary of the main events: Bank of China announced that it is ready to test the digital yuan, the developer of Ethereum named the date of the next hard fork cryptocurrency, the Bank of Russia has begun tests of their own cryptocurrency, […]

Cryptocurrency Trends to watch out for in 2020

The blockchain and crypto market is far from slowing down as the momentum is gradually picking up. The year 2019 turned out to be a remarkable one for the global crypto market. Despite a secular bear market, it involved new groupings, novel trading solutions, and a number of blockchain protocols emerging and maturing. Global regulatory […]

Cryptocurrencies backed by private firms face tough fight

China’s central bank is still in the process of developing its own digital currency, and competition among government-backed digitalized currencies can be expected in the “digital era”, said a central bank official on Tuesday. Some digital currencies issued by the private sector, such as Facebook’s Libra, will find it hard to compete with the State-issued […]

What is China’s digital currency plan?

The central bank has been quietly working on the project for five years. What do we know? Since 2014, China’s central bank has been working on a project called “DC/EP”: Digital Currency/Electronic Payments. Yi Gang, the governor of the People’s Bank of China, said the plan was not to create a new currency, such as […]

China Takes Another Step Away From USD Hegemony

The China Foreign Exchange Trade System (CFETS) announced that effective January 1, 2020, the system “will adjust weights for CFETS RMB Index,” decreasing the weighting of the USD for the second time in the currency basket’s history from 22.40% to 21.59%, and increasing the Euro from 16.34% to 17.40%. The change could signal further disassociation […]

NEW DIGITAL CURRENCY SETS THE WORLD TALKING

Adoption of stablecoins proves popular. Money has been used in many forms over the centuries, ranging from seashells to metal coins, and in more recent times bank notes made from paper as well as plastic. Now the digital era is set to redefine the features of money and the ways in which it is used. […]

India vs. the people: The battle over cryptocurrency ownership continues

India has a curious relationship with blockchain. On the one hand, the Indian government is a huge proponent of blockchain technology, and nearly half the states in India have already initiated government-sponsored blockchain projects. At the same time, the government has been very ambivalent toward cryptocurrency, drafting a slew of measures in the last couple […]

Bubble or smart bet? Blockchain-stock frenzy in China spotlights hype and hope for investors in new technology

Profitable application of promising technology is years away, analysts say Xi Jinping’s call for rapid blockchain development creates quick boom and bust for linked stocks Are blockchain stocks the next big thing for investors? Analysts think not. They smell another speculative bubble. Blockchain-related stocks went on a wild roller-coaster ride last week, triggered by a […]

Hong Kong Digital Cryptocurrency Company Seeks IPO In US

According to reports in foreign media, Hong Kong digital cryptocurrency and blockchain service company Diginex will be listed in the US with a share exchange agreement with 8i Enterprises Acquisition, a special purpose acquisition company. On the completion of the transaction, Diginex will be listed on Nasdaq; meanwhile, Diginex’s anticipated initial enterprise value will be […]

Unlike Libra, Digital Yuan Will Not Need Currency Reserves to Support Value: PBOC Official

The head of the People’s Bank of China’s (PBOC) digital currency research subsidiary, Changchun Mu, said China’s cryptocurrency will not need a currency basket to maintain a stable value. Speaking to reporters at The China Finance Association Academic Annual Meeting and China Finance Forum Annual Meeting in Beijing Saturday, Mu said the digital yuan would […]

Tencent, the Chinese internet giant and owner of WeChat, is reportedly forming a team to explore possible new use cases for cryptocurrencies.

According to reports by Chinese media, Tencent issued an internal notice informing employees it was searching for someone to head a new cryptocurrency research unit, which will form part of the company’s payments wing. The new team will look at how to use digital currencies in its payments platform as well as explore other possible […]

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