Today, the 11th of December, marked the first day of China’s latest DCEP trial in Suzhou after results of the lottery were announced earlier in the day. The day saw 200 million RMB ($30.6 million) of the digital yuan distributed to 100,000 people in digital red envelopes. These “winners” have been asked to spend the...Read More
China is leading the world in the development, implementation, and testing of its CBDC with the DCEP project, adding yet another city to the list of test runs. According to reports, Suzhou will give away 20 million Yuan worth $3 million in the new central bank digital currency. Similar to the pilot in Shenzhen, citizens...Read More
According to a statement by Changchun Mu, the director of the Chinese Institute of CBDC, China’s dual offline wallet for its CBDC has now been fully developed and is ready for testing. The introduction of this wallet is expected to be the follow up to the pilot, which took place on October 12. This phase...Read More
The importance of this current week has been fairly downplayed. Years down the line, the global payments system might look back at this particular period and suggest that this is where it all started. Let’s jog our memories on what actually happened. In two ‘un-correlated’ announcements, the People’s Bank of China-controlled finance magazine stated the importance...Read More
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...Read More
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...Read More
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,...Read More
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...Read More
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. And it’s backfiring. Inflation of the yuan just rose to its...Read More
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...Read More
