News
The city of Shenzhen has launched the third round of its central bank digital currency pilot in the form of a promotional lottery scheme offering residents handouts during local festivities.
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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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The Bank of France processed $2.4 million worth of fund units using a CBDC in December as part of ongoing experiments into blockchain and stablecoin technology.
11787 - Analysis
The yuan is not seen as a major currency. Could digitizing it change that? China is breaking new ground in the Shenzhen region and beyond.
16031 - News
The United States Federal Reserve needs its own digital currency to protect against a possible overnight proliferation of stablecoin technology, says Fed chairman Jerome Powell.
14154 - New Year Special
2021 & 2022 touted to be the most important years for the development of CBDCs
12241 - News
The Agricultural Bank of China has launched an ATM pilot program that enables citizens to convert cash and savings to and from the digital yuan.
8772 - News
Winners of the city's lottery will have 10 days to spend their gifted digital currency at any of 10,000 supported merchants.
8561 - News
A former PBoC official says that his country has taken a cautious approach with the digital yuan.
3545 - News
The numbers come following the Suzhou municipal government giving away roughly $3 million in a digital yuan lottery for residents.
13080 - Analysis
Amid global economic contraction, Bitcoin appears to be gaining momentum against struggling fiat currencies.
16500 - News
Sounds like its CBDC is unlikely to dethrone the United States dollar as the world’s reserve currency anytime soon.
9600 - News
“We need to prevent dollarization — this is one of the major designing points of the Chinese DCEP,” said Zhou Xiaochuan.
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China might gain control over global CBDC standards, a Japanese official warns.
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Before trying to apply blockchain to anything, think why.
8585 - News
The digital renminbi is legally compensatory to China’s fiat currency.
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