Yuan

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 […]

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 […]

China gives Ethereum a promotion

China’s state-backed tech workgroup has released its 15th blockchain technology assessment, promoting Ethereum to second place after its recent hard fork, Cointelegraph reported The Center for Information and Industry Development (CCID) released the list on December 6, ranking 35 assets in total. In the latest rankings, EOS kept its top spot, Ethereum moved from third […]

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, […]

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 […]

Is Bitcoin Banned in China?

Earlier this month, the People’s Bank of China (PBOC) which is the central regulatory authority that regulates financial institutions and drafts the monetary policy of the country, issued a statement that “it would block access to all domestic and foreign cryptocurrency exchanges and ICO websites.” As per the news, China aims to clamp down on “all cryptocurrency trading with […]

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