China’s digital upstarts

Experts expect Asia to play lead development role across the world

Asia is expected to lead the development of blockchain technology worldwide, with China among the key countries to watch next year, according to experts. Jason Potts, professor of economics and director of the Blockchain Innovation Hub at RMIT University in Melbourne, Australia, said Asian countries, including China, Singapore, South Korea and even Vietnam, are making […]

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 […]

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 […]

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, Thailand to roll out two-tier tokens in digital currency prototype

Under a two-tier issuing system, the Hong Kong Monetary Authority will work with banks as the issuer and distributor of its digital currency Hong Kong and Thai central banks are exploring blockchain-backed digital currencies to facilitate quicker payment in bilateral trade, at US$19.6 billion in 2018 The monetary authorities of Hong Kong and Thailand are […]

New digital currency sets the world talking

Adoption of stablecoins proves popular Different forms of currency have been used over the ages — such as seashells, wampum and metal coins — and in more recent times, bank notes made from paper and plastic are in wide circulation. Nowadays, the digital era is set to redefine the features of money and the ways […]

Crypto contradiction: Boom Bust explores how governments try to control cryptocurrencies that were not meant to be regulated

China’s Central Bank has unveiled plans to roll out its own digital currency, which will be called DCEP (Digital currency Electronic Payment). Beijing has been working on the project for about five or six years. RT’s Boom Bust talks to Todd Horwitz of Bubba Trading about the latest in digital currency developments. “If you look […]

Why Facebook needs Libra

In the technology sector, there’s a concept called “platform risk,” the danger that another company, or a newer, trendier technological innovation, could kneecap your business by wooing or coercing your users away. If you want to understand what Zuckerberg might see in Libra, consider Facebook’s $2 billion 2014 acquisition of Oculus, says Hunter Horsley, a former Facebook […]

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