digitalised yuan

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 can help meet new financial challenges

Mu Changchun, deputy director of China’s central bank’s payments department, said recently that the People’s Bank of China is working on its own digital currency, which may be launched soon. According to Mu, a centralized management model and two-tier operation system will be used to manage the central bank’s digital currency. The central bank will […]

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 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 […]

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 […]

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 […]

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 […]

Unlike Libra, Digital Yuan Will Not Need Currency Reserves to Support Value: PBOC Official

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 Finance Forum Annual Meeting in Beijing Saturday, Mu said the digital yuan would […]

China rushes to embrace blockchain with Facebook’s Libra just around the corner

People’s Bank of China is preparing to launch its own digital currency, with President Xi Jinping urging an aggressive approach Last week, Facebook founder Mark Zuckerberg told US lawmakers that Libra was essential to projecting American financial leadership around the world China is looking to apply blockchain and artificial intelligence technologies in cross-border financing and […]

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