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...

China Crypto Roundup (Nov 30- Dec 7): China’s CBDC Test in Suzhou to Involve the Fintech Arm of JD.com, China’s Authorities Cut Off Electricity Supply to Bitcoin Miners in Yunnan Province , Bitcoin Skyrocketing to Hit All-time High of Just Under $20,000

Dec 7, 2020

The top stories from the Chinese cryptocurrency sphere this past week include: China’s CBDC test in Suzhou to involve the fintech arm of JD.com, Bitcoin skyrocketing to hit all-time high of just under $20,000, China’s authorities cut off electricity supply to bitcoin miners in Yunnan ...

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...

Why China Is Leading The Race In The CBDC Market

Nov 18, 2020

The idea of Central Bank Digital Currencies (CBDCs) has split the blockchain and digital assets industry into two distinct sections. While one group believes that this idea might encourage adoption of the novel technology into the mainstream, the other suspects that it is simply a method o...

S&P: Chinese Digital Yuan May Compete with Payment Service Intermediaries

Nov 13, 2020

A report from S&P ratings saying that the emergence of Chinese digital yuan is likely to reduce transaction costs and lower the handling fee income of other payment service intermediaries. China saw its efforts culminate last month when it successfully completed a pilot project where it ...

PBOC Plans on Building a Legal DCEP Test Zone in Beijing

Nov 11, 2020

Internal pilot programs for testing out use cases for the digital yuan have been going on for almost an entire year in China. Both small local entities and large provincial governments have launched their own programs, which ranged from establishing research and development teams to conducting a ...

China Crypto Roundup (Oct 26- Nov 2): China is Already Seeing Counterfeit Digital RMB wallets, Huawei’s Newest Smartphones Come with Digital Yuan Wallet, 3.12 Million Digital Yuan Transactions Have Already Been Processed

Nov 2, 2020

The top stories from the Chinese cryptocurrency sphere this past week include: China is already seeing fakes of its still developing digital yuan wallet, Huawei’s newest smartphones come with digital yuan wallet, more than 3.12 million digital yuan transactions have already been processed.…… ...

Jack Ma Believes Digital Currencies Are a Solution to Future Problems

Oct 27, 2020

With the majority of China’s vast government spending copious amounts of time and money into pushing for the development of blockchain technology, it was only a matter of time before the company’s corporations began expressing their interest in the new technology. This was the main theme at the...