CHINA’S ECONOMY

Chinese Digital Yuan to Provide ‘Controlled Anonymity’

An analysis published by the Chinese company Huatai Securities reveals more details about the Digital Currency Electronic Payment (DCEP) system which China is now finalizing. It’s become obvious that unlike decentralized cryptocurrencies, DCEP will operate in a centralized environment managed by the PBOC. Its “legally encrypted” currency will be a digital form of the renminbi […]

Bitcoin mining IPO mirrors currency volatility

The Hangzhou-based company, which sells equipment used to solve complex puzzles to uncover, or mine cryptocurrency, has had several recent false starts. By Sharon Lam, Reuters News HONG KONG – It promises all the highs and lows of a real gold rush. Canaan, a Chinese company and the world’s second biggest maker of hardware used to […]

China warned not to rush into creating digital currency to rival Facebook’s Libra, instead join global debate

A new theory appears to be emerging in China with regards how it should cope with the potential challenges from Facebook’s blockchain digital currency Libra, with suggestions it should shift towards working with other nations to regulate the sector rather than fast-track its own alternative medium of exchange. Debate continues over whether and how China’s […]

The United Kingdom are now classifying cryptocurrencies as property under the latest jurisdiction

UK panel has declared cryptocurrencies are a property by a legal panel. Crypto assets with unique characteristics would also be treated as property in the UK. According to The Times report, a legal panel chaired by Sir Geoffrey Vos has made the decision to classify cryptocurrencies as property. The panel ruling declared that digital assets […]

Security Token Offerings (STOs) Could be Big For Korean Crypto Industry

If 2017 and early 2018 were seen as the year(s) of the ICO then 2019 could well be the year for the STO, security token offering, according to latest research from South Korea. Initial coin offerings were seen as a great way to launch a project by selling tokens for it in cryptocurrency, which was […]

China’s digital currency could threaten dollar’s dominance

Since bitcoin was launched in 2008, the first crypto asset with its own unit of account based on blockchain technology, more than 3,000 crypto assets with a diverse range of features have entered the digital currency market. Yet regulatory authorities around the world have thus far largely indicated they are not threatened by crypto asset […]

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 […]

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 […]

Chinese Tech Giant Baidu Launches Blockchain Beta

On January 6th, Baidu — a Chinese technology and internet giant most often called “China’s Google” here in the West — unveiled its latest project: “Xuperchain,” a blockchain system for businesses, now going into beta. According to the translated version of a flashy new website outlining this new offering, this now-in-beta network will allow users, […]

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 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 […]

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, […]

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. […]

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 […]

China’s Riskiest Banks Have Run Into Trouble. Why That Matters in the U.S.

China’s long-running debt problems reached a tipping point this year, crippling numerous small lenders and raising concerns about a systemic liquidity crunch. The lack of confidence resulted in multiple rural bank runs. Worse still, the estimated trillions of dollars of debt across the country is likely to be larger than is measurable, due to years of so-called […]

China plans to launch its own digital currency

China plans to launch its own digital currency to stay ahead of the global competition with its central bank approving proposals to conduct trials in some cities, official media here reported on Tuesday. China’s central bank – the People’s Bank of China (PBC) – has stepped up efforts to roll out its Digital Currency Electronic […]

Scroll to top