The e-CNY app now allows tourists to top-up their wallets using Mastercard and Visa payments with a “recharge first and use later” option.
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China’s capital outflows reached $49 billion in August, its highest in nearly eight years. Analysts are debating whether it could be a boon for Bitcoin and crypto.
32386 - News
The Civil Aviation Administration and China Merchants Bank said passengers can utilize the central bank digital currency to access new services via this platform.
12171 - Newsletter
This week’s Crypto Biz also explores Gemini’s fight with the Digital Currency Group over user funds, new banking tools for the digital yuan, and OpenAI’s efforts to stop users from jumping paywalls.
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Crypto-friendly bank DBS has conducted the first e-CNY transaction for corporate clients, involving a catering company in Shenzhen.
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The latest Cointelegraph Report analyzes the causes leading to the decline of the U.S. dollar as the world reserve currency and its potential implications.
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China was one of the first nations to start working on its CBDC. However, despite the completion of its development, the government has yet to officially launch the CBDC.
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Former CFTC Chair Christopher Giancarlo says that Anti-Money Laundering and Know Your Customer measures are both outdated and constitutionally questionable and that crypto technology could do better.
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Chinese social media platform WeChat has incorporated the digital yuan in its payment app to boost the CBDC’s popularity.
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Multiple Chinese city governments have given away millions worth of e-CNY to try to promote consumption around the holiday season.
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CCP officials want to see the e-CNY surpass $300 billion in transactions in 2023 through promotional efforts.
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Hainan’s market regulator wants to promote nonfungible tokens as part of the digital economy, but will actively work to weed out bad actors and speculative behavior.
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China’s central bank digital currency (CBDC) has seen new use cases in recent days, including buying securities and making offline payments.
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The 13.61 billion e-CNY represented roughly 0.13% of the 10.47 trillion yuan in circulation at the end of 2022.
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A former China central banker said cumulative e-CNY transactions only crossed $14 billion in two years, adding the results were “not ideal.”
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