Cryptocurrency Analysis and News Portal
The digital Yuan can be touted as the most advanced central bank digital currency (CBDC) yet. After developing the state-backed cryptocurrency for years, China continues to add new sectors where residents can spend their digital money, and the latest seems to be electricity bills. According to Economic Information Daily, a local
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This weekly roundup of news from Mainland China, Taiwan, and Hong Kong attempts to curate the industry’s most important news, including influential projects, changes in the regulatory landscape, and enterprise blockchain integrations. Olympic battleAfter months of writing about the relentless actions of the Chinese government, this week we lead with a
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As part of China’s efforts to expand the scope of its upcoming central bank digital currency (CBDC) project, the city of Shenzhen has issued the country’s first digital yuan insurance policy. Insurance Policy with Digital Yuan In a report by Global Times on Tuesday (July 21, 2021), the Shenzhen branch of the
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Per a report by VOA News, Alibaba Group’s affiliate Ant Group has signed a partnership with the People’s Bank of China. The partners will work to build a platform for the country’s central bank digital currency (CBDC). VOA quotes the Chinese state media Global Times. The Digital Yuan, also know as
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While China has not yet announced when it wants to officially launch the e-CNY nationwide, it is set to continue the pilot tests during the 2022 Beijing Winter Olympics. A recent Reuters report has revealed that six big Chinese State-owned banks in Shanghai are advertising the
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Contrary to what many in the crypto space are discussing, Senior Commodity Strategist for Bloomberg, Mike McGlone, has made the case for Bitcoin being beneficial for the U.S. dollar over China’s digital Yuan. According to McGlone, the cryptocurrency is “eclipsing” Yuan’s global adoption. Specifically, the U.S. dollar is showing “organic adoption”
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Bitcoin has been seeing constant gains over the past months while reaching new highs. Now it is trading at almost $60,000.The People’s Bank of China (PBoC) said that the increase in Bitcoin could be triggering interest in China’s digital yuan. China’s central bank tied the increasing interest in digital yuan
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While a defined date of the digital yuan launch has not been revealed, the current stride of opening up the wallet application to the public is a step closer to achieving the country’s CBDC dreams.Major Chinese state-owned banks have started processing applications for digital yuan wallets from members of the
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