Bitcoin Adoption, Not China's Central Bank, is What Underlies Legitimacy
The bitcoin 'China Syndrome' fills the news these days with attempts by Chinese authorities to steer bitcoin legitimacy. This gives us an excellent opportunity to contemplate and reiterate the core attributes of bitcoin's overall strength. Bitcoin shows that national fiat money systems are an artificial construct. The debates around regulation are really restrictions on getting into or out of the US dollar rather than getting into or out of bitcoin. Dollar and other national currency endpoints will always be regulated. Aside from the fact that bitcoin survives and outlasts political....
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China's central bank has cut its benchmark lending and deposit rates again in an attempt to stir a stuttering economy. The People's Bank of China. The People's Bank of China, the authority as the Chinese Central Bank has cut its rates and lowered the minimum ceiling of cash reserves that banks must hold, in order to try and shake up some; activity to spur a slowing economy. Reuters reports that it is the sixth time since November last year that China has slowed down on its monetary policy by slashing its interest rates in the face of stagnating growth and prolonged weak inflation. The....
The People’s Bank of China has urged for widening of the array of use-case scenarios for its central bank digital currency. The monetary authority believes that deeper interconnection with traditional e-payment platforms will make the digital yuan more convenient for consumers.
China’s Central Bank Insists on Expanding Digital Yuan Environment
The monetary policy regulator of China has called for improving the integration between the digital yuan (e-CNY) system and traditional tools for electronic payments. The People’s Bank of China (PBOC) says this will....
The new draft law legitimizes digital yuan and may criminalize the issuance of yuan-backed stablecoins by third parties China’s central bank, the People’s Bank of China (PBOC), published a draft law this Friday that aims to provide regulatory framework and legitimacy for a forthcoming central bank digital currency (CBDC), the digital yuan. The draft law states that the yuan is the official currency of the People's Republic of China whether in physical or digital form.The draft law also appears to take aim at third-party efforts at yuan-backed digital currencies, stating that individuals....
BTC China announced to its English-speaking users via Twitter today that it has suspended yuan (RMB) deposits from the Bank of China. In its second such announcement since 26th April the exchange said in a (since-removed) tweet: Dear users, Due to regulations, we have suspended CNY deposits from Bank of China. For further enquiries, pls email: [email protected]. - BTC China (@btcchina) May 6, 2014. Chinese exchanges have suffered major setbacks recently after banks finally responded to repeated directives from the People's Bank of China (PBOC) - China's central bank - and shuttered all....
China’s central bank digital currency now has 261 million unique users, according to an official of the central bank, the People’s Bank of China (PBOC). Furthermore, transactions worth 87.5 billion yuan ($13.78 billion) have been made using the digital yuan and more than 8 million merchants now accept e-CNY.
China’s Central Bank Digital Currency Growing in Adoption
Zou Lan, head of financial markets at the People’s Bank of China (PBOC), provided an update on the country’s central bank digital currency (CBDC), the digital yuan, at a press....