News
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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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.
- Interview
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.
6049 - News
Crypto-friendly bank DBS has conducted the first e-CNY transaction for corporate clients, involving a catering company in Shenzhen.
6426 - Video
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.
4850 - News
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Former CFTC Chair Christopher Giancarlo says that Anti-Money Laundering and Know Your Customer measures are both outdated and constitutionally questionable and that crypto technology could do better.
7649 - News
Chinese social media platform WeChat has incorporated the digital yuan in its payment app to boost the CBDC’s popularity.
6458 - News
Multiple Chinese city governments have given away millions worth of e-CNY to try to promote consumption around the holiday season.
6606 - News
CCP officials want to see the e-CNY surpass $300 billion in transactions in 2023 through promotional efforts.
3597 - News
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.
4406 - News
China’s central bank digital currency (CBDC) has seen new use cases in recent days, including buying securities and making offline payments.
7614 - News
The 13.61 billion e-CNY represented roughly 0.13% of the 10.47 trillion yuan in circulation at the end of 2022.
4826 - News
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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