China’s digital yuan deploys at speed, leaving dust in its path
From being labeled impractical to nearing mainstream deployment, the digital yuan can transform the global economic landscape. With each passing day, the list of nations actively exploring the idea of central bank digital currencies (CBDCs) is continuing to grow at a rapid pace. While China’s digital yuan project may be the one that everyone talks about the most, in recent months, countries like The United Kingdom, Sweden and Japan have forged ahead with their own CBDC research and/or testing.That said, the digital yuan project is head-and-shoulders ahead of any of its contemporaries at....
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While WeChat isn't as popular outside of China as WhatsApp, it is ubiquitous on the mainland. WeChat, China's largest messaging app and one of the country's most popular payment services, will start supporting the Chinese government's digital currency.On Jan. 6, 2021, Tencent announced that it will begin accepting digital yuan payments via its proprietary mobile wallet WeChat Pay, according to a local news report. China has been developing a digital yuan since 2014, and it has yet to be implemented nationwide. If people start paying for goods and services with WeChat, which has more than 1....
From privacy to political power, China’s digital yuan will have far-reaching implications.
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 […]