Former PBoC Governor Says Cryptocurrencies Should Serve the Real Economy

Jun 12, 2021

Following weeks of speculations regarding China’s official policy regarding the use of cryptocurrencies, the former governor of the country’s central bank provided a brief glimpse into how China could approach the issue. So far, all of the comments made by the People’s Bank of China reg...

Beijing to Hand Out 200,000 Red Packets As Part of Digital Yuan Trial

Jun 4, 2021

After almost a dozen hugely successful trials held across the country, China has decided to run another digital yuan pilot program—this time in Beijing. According to the latest report from BlockBeats, the Beijing Local Financial Supervision and Administration Bureau announced on June 2...

Sichuan Energy Regulators Set to Meet in June to Discuss Bitcoin Mining

May 28, 2021

The latest nationwide crackdown on cryptocurrency mining in China has raised questions about the sustainability of Bitcoin’s current hash rate and has sparked a global market downturn. With rumors circulating that China’s central government plans on outlawing Bitcoin mining in Sichuan, Xin...

AliPay Launches Digital Yuan Model For Select Users

May 12, 2021

According to the latest report from Caixin, there has been a slew of new developments regarding China’s upcoming digital yuan. At the core of these new developments is AliPay, the payments arm of China’s commerce giant Alibaba. Namely, sources within China have found that AliPay has la...

PBoC’s Digital Research Institute Partners With Ant Group to Promote the Construction of The Digital Yuan Technology Platform

Apr 27, 2021

According to the latest report from the 21st Century Business Herald, the Digital Currency Research Institute of the People's Bank of China has signed a strategic cooperation agreement with Ant Group. The news was first announced during the Digital China Construction Summit, where ...

China’s 5-Year New Development Plan to Include the Development of DCEP

Dec 9, 2020

Riding the wave of several hugely successful trials of its upcoming digital yuan, China has announced the launch of a new five-year development plan. The plan was adopted during the Fifth Plenary Session of the Nineteenth Central Committee of the Communist Party of China (CPC), and in...

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...

More Than 3.12 Million Digital Yuan Transactions Have Already Been Processed in China

Nov 2, 2020

While you could count the number of countries dabbling in national digital currencies on the fingers of one hand, almost none of them could even come close to China when it comes to the practical development of the new asset class. After allocating billions of yuan into various blockchain deve...

China is Already Seeing Fakes of Its Still Developing Digital Yuan Wallet 

Oct 28, 2020

After almost a year of serious work done on the development of the country’s national digital currency, China saw its efforts culminate this month when it successfully completed a pilot project where it distributed the currency to the residents of Luohu. The novel project attracted a lot of med...

The Digital Yuan Will Help Develop China’s Digital Economy, PBoC Governor Says

Oct 21, 2020

The development of China’s national digital currency is getting exponentially faster as the year progresses. After President Xi Jinping first announced his support for blockchain last year, both the private and the public sectors in China have been racing to introduce more real-world applica...