China’s digital currency appears to be on the cusp of an official launch amid reports that the country’s central bank – the People’s Bank of China (PBOC) – has allowed cherrypicked lenders to start testing the new payment system in real-life settings. Over the past few mon...
Virtually money china aims to launch the world's first official digital currency(2) 虚拟货币中国打算推出全球第一个官方数字货币(2) Dozens of Central banks have started looking at whether to issue...
Why it matters:The People‘s Bank of China (PBOC) aims to steal a march on global counterparts byacceleratingthe development of its national digital currency. The central bank has been researching and developing a digital currency since 2014, though specific details remain scant. The government...
China’s central bank has appointed Mu Changchun, a deputy director of its payment and settlement department, as the new head of its digital currency research institute, a move widely interpreted as a sign of the imminent release of a digital currency by the People’s Bank of China (PBOC)....
Recently, China is more eager to push blockchain-based initiatives to the market because the government doesn’t want to get beaten by Facebook’s Libra currency. But I will talk more about it later on. Let’s move on to why China is so eager to launch the Digital Currency Electronic ...
The main concern is the digital yuan's impact on the yuan currency's value. The launch of the digital yuan might gradually increase the Chinese currency's international use, but lead to the yuan appreciating against the dollar. Analysts say that could pose a risk for China's export...
China is testing a wallet app for its new digital Yuan before rolling out the digital wallet to all, including foreigners. Last week, the South China Morning Post reported that China has launched a pilot digital currency wallet app through which users can store and pay for goods and services...
China is leading the world by being the first country to prepare for the launch of an official digital currency. In recent years, the use of cash has clearly _declined. Electronic payment has become increasingly common across the country. Many Chinese people,especially the younger generation, no...
Eight years after China first embarked on the path toward a digital yuan, the central bank’s pilot program for the digital yuan has been expanded to 23 cities covering nearly one-fifth of the population. But a full launch of the currency remains elusive as a population already used to ...
The launch of DCEP can have significant ramifications on a global scale, as it could reduce China's reliance on the SWIFT system for international banking and offers the first glimpse of the internationalization of the renminbi (RMB). Practical implications Foreign companies operating in China, hi...