China Set to Develop its Own Digital Currency
Over the past few hours, the bitcoin price has gained close to 10%. At current levels, it is now trading at a 20% premium to the lows seen over the weekend – lows carved out in the wake of Hearn’s resignation announcement. These gains aren’t purely speculative. They represent a bolstering of industry support, and a reversal in general sentiment surrounding the cryptocurrency space. What drove this reversal? In a word, China. The People’s Bank of China (PBOC) just released an announcement detailing the topics of discussion, and the conclusions, of its latest digital currency meet up – the....
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The U.S. needs to embrace privacy-focused crypto in order to compete with China’s digital RMB. Co-founder and managing partner at Electric Capital, Avichal Garg, is convinced the only way for the U.S. to catch up with China in the digital currency war is by embracing privacy-focused cryptocurrency.According to Garg, the Chinese are already far ahead of the U.S. in the digital currency race – their DCEP, or Digital Currency Electronic Payment, is due to launch by the end of the year. That is why developing a US digital dollar might not be enough to compete, given the long time it will take....
The People’s Bank of China, China’s central bank, is in the process of recruiting blockchain experts as it ramps up its longstanding effort to develop and issue its own digital currency. First reported by local publication Shanghai Daily, the central bank issued the recruiting call, offering six positions for the development and design of both software and hardware frameworks for a digital currency. Applicants with experience in blockchain technology development, big data, cryptography and systems design are particularly desirable and will be preferred. Applicants must also hold a master’s....
China is giving away 10 million yuan in its central bank digital currency in Beijing. Recipients can spend the digital yuan during the Chinese New Year festival. Beijing has become the third major city in China to test the central bank digital currency. 50,000 People to Receive Free Digital Yuan China is actively testing its central bank digital currency (CBDC). Beijing is the next city to receive a digital yuan airdrop. The Beijing municipal government announced over the weekend that it will hand out a total of 10 million yuan ($1.55 million) to 50,000 people in the city who register for....
China has been developing its central bank digital currency (CBDC), the Digital Yuan, for over seven years. The project has come to a critical test phase and it’s ready to be used by the citizens. A report by CNBC confirms that China will give around $6.2 million in its digital currency to lucky people living […]
China recently proposed a set of global guidelines on central bank digital currencies (CBDC) earlier this Thursday, discussing potential uses and implications of a sovereign digital currency. With the coronavirus pandemic exposing inefficiencies in traditional payment systems, there has been a growing need to digitize legacy financial infrastructure. With the threat of cryptos toppling fiat’s power also looming closer, central banks around the world have begun to develop their own CBDCs. Mu Changchun, the director-general […]