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. ...
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...
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...
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 ...
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...
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...
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...
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...
The city of Chengdu will be launching China’s largest digital currency trial to date starting today, following those already completed in Beijing, Suzhou and Shenzhen. “The Chinese central bank has been more confident about issuing digital yuan as it expanded to the west, reflecting the...
With the Lunar New Year right around the corner, China has amped up its efforts to test out its upcoming digital yuan. And while extensive pilot projects have already taken place in some of the country’s biggest financial hubs, local governments seem eager to incentivize even more real-world ...
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