China’s banking system

China’s Nationwide Blockchain Network BSN Will Launch in April 2020

Founded by government-run entities, China’s nationwide blockchain network will launch in April 2020, following a six-month beta testing period. China’s nationwide blockchain network, the Blockchain-based Ser­vice Net­work (BSN), will launch in April 2020, six months after it was rolled out for testing. Backed by Chinese government policy think tank the State In­for­ma­tion Cen­ter (SIC), the […]

Urgent Development of Digital Yen to Counter China

Japan has moved up a gear. Yamamoto’s commentary on Libra comes at a time when other lawmakers in the country echo his concerns. Japan is unlikely to issue digital currency soon due to technical and legal issues. But ongoing efforts highlight Tokyo’s pressure on China and Facebook’s progress in digital currencies. Among the major central […]

Rumors Circulating That Fed Will Announce Plans to Digitize the Dollar

Rumors are swirling that the Federal Reserve plans to announce an initiative to digitize the US dollar, according to Anthony Pompliano, co-founder of the blockchain venture capital fund Morgan Creek Digital. Pomp first tweeted about the rumors earlier today, reporting that an announcement could come as soon as this week in an effort that could […]

China to modify its upcoming crypto-yuan for international trade

The former director of the People’s Bank of China (BPC) gave details on the possible uses of the future state crypto-yuan, as reported by Coindesk on 26 November. Xiaochuan Zhou previously headed the central bank of China, which will soon issue its stablecoin. He was speaking at a forum hosted by Caixin media in China. […]

China’s digital currency plan a game changer

The last decade will be remembered as the era in which virtual currencies became mainstream. No longer just for in-the-know techies, digital cryptocurrencies have not only helped mint a crop of new millionaires and billionaires but have also inspired citizens across the globe to hold virtual currency as an investable asset and dream of a […]

Russia sees no need to issue a national digital currency

The Central Bank of the Russian Federation is not keen on issuing a national digital currency. Elvira Nabiullina, head of the central bank, said that the regulator has been studying a topic of digital currencies, but sees no obvious need to issue a national cryptocurrency. Nabiullina made the remarks at a forum on Thursday, as […]

PBOC Official: Crypto Yuan Will Be Unbacked & Have No Reserves (No Gold Backed Crypto Yuan)

“China’s cryptocurrency will not need a currency basket to maintain a stable value…” 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 […]

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, […]

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