Chinese Communist Party officials issue KPIs for e-CNY transactions in Suzhou
CCP officials want to see the e-CNY surpass $300 billion in transactions in 2023 through promotional efforts. Go to Source Powered by WPeMatico
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Chinese Economist Urges Government to Reconsider Crypto Ban — Warns of Missed Tech Opportunities
An economics professor and former adviser to the People’s Bank of China has urged the Chinese government to reconsider its ban on cryptocurrencies. He warned that banning crypto activities could result in missed opportunities that are “very valuable” to regulated financial systems. Chinese Economist Warns of Missed Opportunities Due to Crypto Ban A former adviser … Read more
China’s digital yuan gets smart contract functionality alongside new use cases
China’s central bank digital currency (CBDC) has seen new use cases in recent days, including buying securities and making offline payments. Go to Source Powered by WPeMatico
Former Chinese central banker says digital yuan ‘usage has been low’
A former China central banker said cumulative e-CNY transactions only crossed $14 billion in two years, adding the results were “not ideal.” Go to Source Powered by WPeMatico
China’s CBDC wallet resorts to ages-old tradition to boost adoption
A traditional Chinese way of gifting money that’s gone virtual with the rise of digital payments has been introduced into the digital yuan wallet app. Go to Source Powered by WPeMatico
Report: Chinese Company Launches Digital Currency Insurance Product
The Suzhou branch of the Chinese insurance company China Pacific Insurance, together with the Bank of Communications, recently announced the launch of a digital currency account insurance product. The launch comes at a time when the number of personal digital currency wallets created in the Chinese city of Suzhou alone now exceeds 30 million. Insurance … Read more
Chinese Central Bank Governor: User Privacy and Financial Security Key Principles Guiding CBDC Design Process
According to Yi Gang, governor of China’s central bank, the process of designing the country’s digital currency is premised on two principles, the protection of user privacy as well as ensuring “financial security.” To achieve this, the central bank’s role will be limited to managing the digital currency’s “operating system” while the handling of personal … Read more
Hong Kong Presents Digital Currency Prototype, Project Aurum
Financial authorities in Hong Kong have unveiled a prototype of the Chinese autonomous territory’s own central bank digital currency called Project Aurum. The two-tier platform features a wholesale interbank and a retail e-wallet system, participants revealed. Hong Kong to Issue Retail Tokens and Stablecoins as Part of Project Aurum A collaboration between the BIS Innovation … Read more
Chinese Digital Currency Transactions Exceed 100 Billion Yuan, Central Bank Says
Spending with China’s state-issued digital currency has surpassed 100 billion yuan, close to $14 billion, by the end of August, the country’s monetary authority revealed. More than 5 million merchants now accept the digital yuan in 15 Chinese regions as Beijing continues to expand the pilot areas. People’s Bank of China Reports 360 Million Digital … Read more
Hong Kong to Start Testing Digital Currency in Coming Months
China’s special administrative region of Hong Kong is going to trial а digital version of its dollar as early as this year, in preparation for eventual roll-out. The territory is trying to catch up with those that are already launching central bank digital currencies, including the People’s Republic with its digital yuan project. Trials of … Read more
