Digital Yuan

The Chinese province of Shenzhen plans to distribute 30 million digital yuan (eCNY), or approximately $4.5 million, to its residents. A local news outlet reported this news earlier today, noting that the government plans to distribute the funds in the form of red packets. According to the report, the province has partnered with eight banks in this initiative. They include Bank of China, Agricultural Bank of China, Industrial and Commercial Bank of China, and China Construction Bank. The rest include…

Crypto popularity has been brewing like a storm. Adoption rates are increasing, with estimates placing the figure in the United States at around 20 million. Everyone seems to want a slice of the crypto pie. But the digital asset is a young player in the investment asset world, having first appeared in 2009 under Bitcoin. As such, the regulatory framework governing cryptos isn't universal. It is essentially a work in progress. So a question lingering in people's minds is what happens…

In the past few years, Tencent Holdings Ltd and Ant Group Co. have digitized the Chinese currency. In addition, the companies have set up substantial private payment networks and cryptocurrency mining operations that have led to the global bitcoin boom. The two companies broke from the aggressive Chinese financial centralization, which has been in China's history for years. The issue comes as China is focused on distributing the digital currency before the 2022 Beijing Winter Olympics. According to Chinese officials,…

China has for some time now been in the development of a digital version of its native currency, the Digital Yuan. Possibly, the country could be the first to introduce a Central bank digital currency that could be adopted globally if the country allows.  One problem, however, is the regulating authorities all over the world, which have different regulations on crypto/digital currency-related activities. If China allows the coin to operate cross border, it would mean that investors will use it…

According to Reuters, the People’s Bank of China (PBOC) is set to issue 40 million renminbi ($6.2 million) to Beijing citizens in the latest trial for the digital yuan (e-CNY). The giveaway will take the form of a lottery, where the bank will hand out 200,000 virtual red envelopes, each containing 200 yuan ($31.30).  Residents of the Chinese capital wishing to participate in the trial must register in a lottery system integrated into a mobile app run by the Bank…

Bitcoin's bullish wave has been remarkable since late last year and has continued into the New Year. The massive surge in price has attracted international attention, and now Chinese media warn citizens about the bullish run. Bitcoin A High-Risk Investment China’s state media has been broadcasting messages asking citizens to be skeptical about the rise in Bitcoin price. National tabloids the Economic Daily and People’s Daily have published articles classifying the crypto asset as a high-risk investment.  Coincidentally both tabloids…

The Chinese digital yuan trial has gone life following the big announcement made last weekend. During the weekend, China's southern city of Shenzhen, a major Chinese city, announced that it was giving away 10 million yuan ($2 million) in its Central Bank Digital Currency. According to them, the digital yuan can be used across 3,389 stores. The main objective of the giveaway is to encourage the usage of the new government-backed digital currency. Close to 2 million people applied to…

Currently, around 80% of the world’s central banks are looking into digital currency, but China has been exploring the idea since 2014, who is in the lead. The country is already quite advanced in digital payments, with 83% of digital transactions already being made through mobile devices instead of 17% through cash or bank cards. The majority of these are made through Alipay or WeChat. But now there is a new service on the horizon. The People’s Bank of China…

Get the weekly summary of cryptocurrency market trends, news, and forecasts! This Week’s Summary The Crypto Market ends the week at a total market capitalization of $208 billion. Bitcoin returns to trade above $7,000 less than a month before the halving Ethereum ends the week trading above $183 XRP continues its struggle to overcome the $0.20 barrier The OPEC announces the largest historical cutback of crude oil production in history. COVID-19 has now surpassed over 2 million cases worldwide Crypto…