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While China’s central bank digital currency (CBDC), the digital yaun, goes through technological and business model upgrades, wallet providers should facilitate payment options in all retail scenarios, according to a statement made by Changchun Mu, director of the Digital Currency Research Institute of the People’s Bank of China, on Sept. 3.In a
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As the pilot program for China's central bank digital currency (CBDC), the digital yuan, takes off, Chinese business travelers will reportedly be able to pay for flight tickets using the new currency. A collaboration between China Merchants Bank, a commercial banking firm and the Civil Aviation Administration led to the introduction
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Share Share on Twitter Share on LinkedIn Share on Telegram Copy Link Link copied China’s central bank governor Yi Gang says $250 billion were transferred via digital yuan since its pilot start 18 months ago. The conference held in Singapore on July 19 shed light on the progress of the country’s
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Nearly $250 billion worth of transactions have taken place using China’s digital yuan in the one-and-a-half years since the start of its pilot, the country’s central bank governor has claimed.On July 19, People’s Bank of China governor Yi Gang spoke at a conference in Singapore and said its central bank
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The government of Shanghai on Tuesday published a set of guidelines to promote blockchain technologies, the digital yuan, and the metaverse in the city’s industries, including auto production, commodity trading and e-commerce platforms. The move by China’s biggest city is in line with the country’s stated goal to focus on
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Bank of China, one of the largest state-owned banks in China, is currently conducting trials for a novel offline payment system that connects to SIM cards. This payment method is designed specifically for the digital yuan, also known as the e-CNY, which is China's central bank digital currency (CBDC) currently
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China has long since closed its doors to decentralized cryptocurrencies, but Circle CEO Jeremy Allaire believes that stablecoins could play a role in the proliferation of China’s digital yuan.Allaire, who heads up the issuer of dollar-backed stablecoin USD Coin (USDC), suggested that a renminbi (RMB) based stablecoin might be China’s best
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Although Allaire views stablecoins as a superior option to CBDCs, he said the two are complimentary. “If central banks are going to upgrade their own systems to move away from legacy technology into more modern distributed ledger technology, that’s great,” he told SCMP. “There’s a whole bunch of things that
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Cryptocurrency-friendly bank DBS is cooperating with mainland China on the development of a new payment solution for the digital yuan, also known as e-CNY.DBS Bank China officially announced on July 5 the launch of the e-CNY merchant solution, allowing mainland businesses to receive payments in the central bank digital currency
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Share Share on Twitter Share on LinkedIn Share on Telegram Copy Link Link copied Jinan, the capital of Shandong Province in eastern China, has taken a proactive stance in promoting the use of China’s central bank digital currency (CBDC) by initiating digital yuan payments on all of its bus routes. Initially,
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