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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 […]
The post China Takes Another Step Away From USD Hegemony appeared first on Bitcoin News.
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The global focus continues to shift toward China’s digital currency plans. Despite a genuine lack of information, it certainly poses many different threats. Rumors regarding a digital yuan have persisted for years now. China’s Digital Yuan is More Than Just a CBDC Only a few months ago, it became apparent this was more truth than fiction after all. The Chinese government is banking big on blockchain. One of the potential use cases is to create a tokenized yuan. It will become the first central bank digital currency to make any impact. Under the hood, this digital yuan makes use of
The post China’s Digital Yuan is a Trojan Horse With Plenty of Potential Repercussions appeared first on The Merkle Hash.
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According to recent statements by People’s Bank of China (PBOC) official Mu Changchun, the country’s digital yuan is ready for trials. The central bank digital currency (CBDC) will decidedly not be a speculative asset like bitcoin or stablecoins, and will not need a currency basket for backing, Changchun affirmed. Reactions to the announcement are varied, […]
The post PBOC Official: China’s Digital Yuan Won’t Be a Speculative Currency Like Bitcoin appeared first on Bitcoin News.
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In this regulatory roundup, we cover a positive crypto story in India, China’s year-end rankings, and the European Central Bank entering the stablecoin race. We also cover the New York regulator’s proposed Bitlicense revision — the first in five years — and several other notable regulatory developments in the crypto space. Also read: Regulatory Roundup […]
The post Regulatory Roundup: Crypto ‘Inevitable’ in India, China Rankings, NY Streamlines Policy appeared first on Bitcoin News.
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China has been confronted with multiple economic and financial problems this year amidst an ongoing trade war with the United States. Authorities in Beijing have been trying to overcome the challenges with administrative measures in what has become a market economy over the years. Inflation of the yuan just rose to its highest level since […]
The post China’s Inflation Hits a Record 4.5% as Beijing Prepares to Test Digital Yuan appeared first on Bitcoin News.
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Harvard University’s Digital Currency Wars simulation considers a hypothetical future crisis scenario involving a DPRK nuke purchase facilitated by a digital yuan
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A lot of eyes are on the Chinese central bank. The institution has confirmed it will launch a digital yuan “soon’, and some more details have come to light this week. Creating a new stablecoin pegged to the yuan will not be an easy feat. Especially if that yuan continues to be devalued by the Chinese central bank every so often. The Digital Yuan Might be Pseudonymous That said, the Chinese Digital Currency Research Institute has a clear vision in mind. In their opinion, they need to protect the privacy of users, while still enforcing strict regulatory guidelines. That will
The post China’s Digital Yuan Could be Pseudonymous Like Bitcoin appeared first on The Merkle Hash.
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Tether Holdings, the firm that issues tether (USDT), has plans to launch an offshore Chinese yuan stablecoin called CNHT. Tether’s digital dollar presence within the crypto economy has been massive in recent months, seeing significant demand from China. Bitfinex shareholder Zhao Dong has explained in a recent interview that Tether is also preparing to launch […]
The post Tether Plans to Mint Digital Yuan and Commodity Coins, Says Bitfinex Shareholder appeared first on Bitcoin News.
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