China’s banking system

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 […]

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 […]

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, […]

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 […]

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 […]

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 […]

Chinese blockchain company becomes first of its kind on exchange

The world’s second-largest bitcoin mining manufacturer Canaan Inc raised $90 million in its initial public offering in Nasdaq on Thursday, making it the first Chinese blockchain company to get listed. The Chinese company said capital from the IPO will be used for research and development in the areas of AI and blockchain algorithms and applications, […]

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 […]

Scroll to top
Translate »