Geopolitics at Stake in US Response to China’s Digital Yuan: Report

A local report suggests the pilot is an indication that the digital yuan is close to being launched.

China’s e-payment giant will allow some users to link their accounts to the country’s digital yuan app. Alipay, the mobile payment platform owned by Ant Group, is set to allow some of its users to participate in the emerging digital yuan commerce ecosystem.According to a report by China Securities Journal on Monday, this new feature is a result of MYbank’s participation in the country’s expanded digital currency electronic payment testing protocols.The news further cements Ant Group’s participation in China’s central bank digital currency project. Indeed, the conglomerate owns a majority....

Some winners purchased additional digital yuan during the pilot. The vast majority of China’s $1.5 million digital yuan lottery winners have received and spent their “red packets” of digital yuan.As of Oct. 18, a total of 47,573 out of 50,000 lottery winners in China have received their prizes, Shenzhen authorities officially announced on Sunday. According to the announcement, the winners conducted a total of 62,788 transactions accounting for 8.8 million yuan ($1.3 million). This amount represents about 88% of the total 10 million yuan ($1.5 million) that was to be distributed in the....

Ant’s suspended IPO exposes potential financial risks posed by the fintech giant’s digital payment platform Alipay. The digital yuan may be China’s attempt at a solution.

According to billionaire investor Ray Dalio, China’s digital Yuan will outpace the United States’ efforts to create a central-bank digital currency.  In an interview with CNBC, The Bridgewater Associates founder shared that when the United States issues its own CBDC, it will certainly have its uses and “be viable.” But according to him, it won’t […]