News
The world’s second-highest-valued unicorn startup has partnered with the Chinese central bank to work on the forthcoming digital yuan.
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Yuan News
The yuan is the primary unit of the renminbi – the official name of the Chinese currency. Chinese currency itself is also often referred to as yuan. The term “Chinese yuan” is mostly used to refer to renminbi by international finance institutions. Yuan is issued by the People’s Bank of China, which has total control over the currency. Yuan is currently one of the most traded currencies due to internationalization of Chinese businesses and the expansion of Chinese exports. Chinese yuan circulates in Thailand, Pakistan, Mongolia and some other Asian countries. As the Chinese economy grows, the yuan gathers more and more influence on international markets. The price of the yuan had a crucial impact on the cryptocurrency industry as most exchanges were Bitcoin to yuan interactions, operated through China-based crypto exchanges. However, due to the large number of regulations, the Chinese yuan lost most of this impact on Bitcoin after 2017.
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China’s CBDC wants to displace the U.S. dollar, but Genesis Block’s Charles Yang believes it doesn’t offer a compelling alternative to USDT.
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China’s Blockchain Service Network, made up of some of the leading technology companies, is integrating Chainlink’s data oracles.
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An article published by Yonhap suggests that South Korean merchants are open to accepting digital yuan as a payment method in the near future.
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People’s Bank of China clarified that there is still “no timetable” on a formal digital yuan launch, despite the ongoing pilot project.
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Hong Kong-based AI startup SenseTime partnered with PBoC’s digital currency research unit to continue the development of the digital yuan.
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Starbucks and McDonald’s are among the many retail companies that will allegedly support digital yuan payments in Xiong’an, one of four pilot program locations.
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Central Bank of China claims that digital Yuan will not cause inflation.
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Screenshots of a purported pilot version of a wallet app for China’s forthcoming digital yuan are now circulating on social media.
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The new Coronavirus outbreak has pushed Chinese officials to track individual citizens by their medicine purchases, which presents major ramifications for crypto.
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Head of the digital currency research institute at China’s central bank Mu Changchun said that the digital form of the yuan will be different from Bitcoin and stablecoins.
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China’s digital currency approach will favor international payments and domestic retail system, former PBoC governor Zhou Xiaochuan said.
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China’s Xi Jinping is pushing his government to adopt blockchain-enabled technologies as the country gears up to release its own CBDC.
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Stablecoin firm Tether announced that it is launching a new stablecoin pegged to the offshore Chinese yuan.
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Inverse correlation between Bitcoin and Chinese yuan reaches has hit record levels over the past week amid global economic uncertainty.
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