China Introduces Student Digital Yuan Card to Track Purchases in New Trial

May 26, 2022

China’s digital yuan development has upped the ante since the turn of the year. The number and variety of trials have continued to increase, spreading the web of implementation options. Innovative methods of implementing the digital yuan have been unfolded, most recently of which is the student ...

WeChat to Support Digital Yuan Pilot Program

Apr 8, 2022

China’s social media giant WeChat has concluded plans to support the nation's pilot program for the Central Bank Digital Currency (CBDC) also known as Digital Yuan. The plan which was initially revealed in the early days of 2022 is now set to kick-off, according to recent announcement...

First CBDC-Related Money Laundering Case Reported in China

Nov 9, 2021

The first case of money laundering involving the use of digital yuan has been reported in China. According to Chinese authorities, in several scam cases, the group involved in the crime used the digital yuan to steal funds from their victims which were further transferred out of the country. ...

The Main Reason Behind China’s Crypto Ban

Oct 26, 2021

China banned the use of Bitcoin and other cryptocurrencies within its financial system and geographical space. Not only did it ban the use of cryptocurrencies, but it also moved to put a stop to all activities related to the new technology, including cryptocurrency mining and trading. While t...

Chinese Attorney Indicates 3 Factors for e-RMB to Challenge US Dollar, Euro

May 21, 2021

There may have been talks that China’s proposed central bank digital currency (CBDC) may not be able to challenge the US dollar’s firm grip on the global economy as the most used currency for transactions, a Chinese attorney who has worked in the capital markets of both the US and Chin...

China Crypto Roundup (Mar. 29-Apr. 4)：Major State-Owned Banks Promote Digital Yuan Wallets

Apr 6, 2021

1. Major state-owned banks start to promote digital yuan wallets with 'broad invitation' At present, state-owned banks such as ICBC, China Construction Bank, Communications Bank and Postal Savings Bank have started to promote digital RMB wallets. At these bank outlets, users do ...

China Crypto Roundup (Mar. 22-Mar. 28)：China State-Owned Banks Opened Digital RMB Wallet Whitelist Applications

Mar 29, 2021

1. The9 purchased the second batch of Whatsminer, with its’ computing power increase 40 PH/s On March 22, well-known Chinese game company The9 Limited has bought another batch of bitcoin miners from MicroBT (the manufacturer of Whatsminer) according to the sales agreement they signe...

China’s Central Bank Says The Digital Yuan Will Offer ‘Controlled Privacy’

Mar 23, 2021

While the success China’s digital yuan project has seen so far has been tremendous, the country’s efforts to launch a national digital currency have frequently encountered roadblocks. One of the biggest and most persistent roadblocks the project has faced were the privacy concerns regarding the...

China Crypto Roundup (Mar. 15-Mar. 21)：Hong Kong Test Digital RMB, Ebang Launched 6nm ASIC Chip

Mar 22, 2021

1. HKMA: We are working with the Digital Currency Institute of the People's Bank of China to test the digital RMB On March 15, Hong Kong Monetary Authority (HKMA) JP Eddie YUE said that they were working with the People's Bank of China (PBOC) Digital Currenc...

Contradicting Opinions About The Effect Of Digital Yuan On The Cryptocurrency Market

Mar 11, 2021

China is pushing to launch a digital yuan and has carried out several tests across some major cities. However, the impact that the project could have on both the mainstream and cryptocurrency marketplace remains a subject of debate. The Chinese government has been firm on decisions against cr...