Wuhan omits NFTs from metaverse plan amid regulatory uncertainty in China
The Chinese government has shown a keen interest in developing a metaverse economy, but its stance on NFTs hasn’t been very clear. Go to Source Powered by WPeMatico
People’s Bank of China
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Chinese central bank exec says digital yuan will offer ‘controllable anonymity’
China’s digital yuan is one of the earliest CBDCs whose pilot phase has expanded to include millions of users and billions in transaction volume. Go to Source Powered by WPeMatico
Bank of China: Digital yuan transactions volume crossed $14B mark
The largest CBDC pilot in the world is going to expand on citizen payments and cross-border operations with Hong Kong. Go to Source Powered by WPeMatico
Chinese Central Bank Says It Will Prioritize Stabilizing Currency After Yuan Plunges to 14-Year Low Versus USD
Moments after the Chinese yuan’s onshore exchange rate versus the U.S. dollar slumped to 7.2458 per dollar, the Peoples Bank of China responded by stating that it will prioritize stabilizing the currency. Similar to other currencies that have been depreciating against the dollar, the yuan has now lost 12% versus the greenback so far this … Read more
China accounts for 84% of all blockchain patent applications, but there’s a catch
China’s push for blockchain technology gained steam after 2019 when President Xi Jinping called for corporations from tech giants to become industry leaders in the nascent tech. Go to Source Powered by WPeMatico
Chinese Currency Breaches 7:1 Exchange Rate Against US Dollar for First Time in Two Years
The offshore exchange rate of China’s fiat currency versus the U.S. dollar recently breached the 7:1 mark for the first time in over two years, after it touched a new 2022 low of 7.0188 yuan for every dollar on September 15. Similar to other global currencies that have depreciated in 2022, the yuan’s decline is … Read more
Possession of Bitcoin still legal in China despite the ban, lawyer says
Crypto holders in China are protected by the law in case of theft, misappropriation or breach of a loan agreement despite the ban on crypto. Go to Source Powered by WPeMatico
Official explains why China CBDC should not be as anonymous as cash
While cash is associated with more anonymity, it’s still less mobile and easy to use in large amounts than a digital currency, China’s CBDC project lead Mu Changchun said. Go to Source Powered by WPeMatico
Salary payments in USDT stablecoin ruled as illegal in the Chinese court
Tether USDT stablecoin cannot be used for salary payments, a Chinese court ruled, citing the country’s blanket ban on all types of crypto transactions. Go to Source Powered by WPeMatico
Deribit and OKX attract significant traffic from China despite a blanket ban: report
Recent geographical traffic data highlights that Chinese traders continue to access centralized exchanges despite a regulatory risk. Go to Source Powered by WPeMatico