Bitcoin surge could be driving digital yuan interest, says People’s Bank of C...
The central bank says strong interest in its CBDC project is partly being driven by Bitcoin's recent surge, despite cryptocurrency still being banned in China. The cryptocurrency space may be helping to spawn its own competitors after a representative of the People’s Bank of China said Bitcoin’s (BTC) recent surge had caused renewed interest in the nation’s digital yuan project.The digital yuan is China’s central bank digital currency, and like all CBDCs its foundational principles are completely antithetical to those of the cryptocurrency space. Core crypto concepts of decentralization....
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China’s central bank digital currency, the digital Yuan or e-CNY, is well on its way for full implementation. The People’s Bank of China (PBoC) release a Whitepaper with details on their CBDCs for the first time since the project was made public. As the document revealed, the digital Yuan is currently being tested after successfully […]
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....
Spending with China’s state-issued digital currency has surpassed 100 billion yuan, close to $14 billion, by the end of August, the country’s monetary authority revealed. More than 5 million merchants now accept the digital yuan in 15 Chinese regions as Beijing continues to expand the pilot areas. People’s Bank of China Reports 360 Million Digital Currency Payments Transactions with China’s central bank digital currency (CBDC) exceeded 100 billion yuan in value ($13.9 billion) as of Aug. 31, 2022, rising from almost 88 billion yuan by the end of 2021, the People’s Bank of China (PBOC)....
The People’s Bank of China intends to enable anonymous digital yuan transactions of small amounts in order to protect “reasonable” anonymity needs. Chinese authorities are willing to ensure maximum user privacy for the country’s central bank digital currency, or CBDC, according to an official at the People’s Bank of China.Mu Changchun, head of the People’s Bank of China’s digital currency research institute, spoke of China’s digital yuan privacy capabilities at the 2021 China Development Forum on Sunday, local news agency Sina Finance reported.Mu stated that a completely anonymous CBDC “is....
Investors flocking to Bitcoin explains the recent price increase of the popular cryptocurrency. In fact, it appears Chinese investors are driving the price up even further. Things are not looking all that great for the Yuan right now. After reaching an eight-year low overnight, investors are growing concerned about this fiat currency. Chinese banks slashed their forecasts for the exchange rate as well. A looming Federal Reserve interest rate hike is driving the Yuan down, and further lows are on the horizon. Anyone holding a portfolio containing Yuan will be more than concerned right now.....