China Crypto Roundup (Jan.4-Jan.11): State Media Pour Cold Water on Bitcoin, KOLs Warn Correction Ahead, Digital Yuan in Card Form Trialed

Jan 11, 2021

During the past weekend, the price of bitcoin has dropped below the $40,000 level. With the bitcoin rally continuing and keeping breaking new all-time highs, market participants have warned a correction could be imminent. Market participants warn a pullback ahead Bobby Lee, the founder...

Another Round Of Digital Yuan Test To Kick-off In Shenzhen On January 7

Jan 6, 2021

China has continued with the process of testing its Central Bank Digital Currency (CBDC), otherwise known as Digital Currency Electronic Payment (DCEP). This time, the real-life test has returned to the city of Shenzhen where a similar test was carried out in the last quarter of 2...

China Crypto Roundup (Dec 7- Dec 14): China and Hong Kong Prepare for Cross-border Digital Yuan Testing, Hong Kong-based Crypto Exchange Halted Withdrawals Amidst Ongoing Investigations in China, China Suzhou’s Digital Yuan Trial Sees Completion

Dec 14, 2020

The top stories from the Chinese cryptocurrency sphere this past week include: China and Hong Kong prepare for cross-border digital yuan testing, CEO Global exchange halts withdrawals as founder is detained in China, China's digital yuan tries to gain a foothold.…… China and Hong K...

Digital Yuan Wallet Balances Has Been Topped up, China’s Suzhou City Gets Ready for CBDC Test

Dec 11, 2020

The “red packet” for China’s CBDC pilot in Suzhou city will come into effect at 20:00 this evening and will be valid from 20:00 on December 11 to 24:00 on December 27. The red packet issued can be consumed in the designated offline merchants in Suzhou city through the "Digital Yuan A...

Zhou Xiaochuan, the Surprisingly Liberal PBoC Governor That Spearheaded the DCEP

Dec 11, 2020

With major pilot projects taking place across the country, the future of the Chinese digital yuan has been the focus of most of the media attention directed towards the country. The country has set its sights on making the digital yuan the go-to currency during the 2022 Beijing Winter Olympics...

DCEP For Cross-Border Payments As Hong Kong And PBoC Enter Discussions

Dec 8, 2020

China’s Digital Currency Electronic Payment (DCEP) project is gathering a lot of momentum as the actual realization seems more realistic with every passing event. Having executed a successful pilot program in Shenzhen, and working towards another test in Suzhou, discussions between Hon...

China Announces New DCEP Pilot and Lottery in Suzhou

Dec 8, 2020

After conducting a hugely successful trial of its upcoming digital yuan wallet this fall, China has set its sights on more large-scale trials of the new payment system. According to a report from Asia Nikkei, the Chinese government will be expanding the trials of its DCEP payment system th...

JD.com Breaks New Grounds With China’s CBDC Involvement

Dec 7, 2020

The proposed testing of China’s central bank digital currency (CBDC) in Suzhou is going to involve the fintech arm of JD.com accepting digital yuan as payment for some products on its online mall, the Chinese e-commerce company has said. JD Digits will participate in the Suzhou pro...

Alibaba, WeChat Dominance to Make China’s CBDC Different

Dec 3, 2020

Many countries may be pursuing a central bank digital currency (CBDC) now but top consulting firm, Deloitte says the dominance of tech giants Alibaba and WeChat will make China’s version different. “In fact, introducing a CBDC in China would differ from other countries due to th...

Suzhou City Getting Ready for Chinese CBDC Test

Nov 24, 2020

Suzhou will become the second Chinese city after Shenzhen to experiment with the country’s sovereign digital currency on Dec. 12, according to the report. The city located in Jiangsu Province of East China will play host to a shopping festival dubbed “Double 12” and gauge the DCEP's...