China’s CBDC wallet resorts to ages-old tradition to boost adoption
China’s wallet app for its digital yuan central bank digital currency (CBDC) introduced a feature for users to send money in an electronic version of traditional “red packets” to try to attract new users. The new feature was released over the weekend, around one month ahead of the Chinese New Year on Jan. 22, as […]
Here’s what you should know about the upcoming US midterms: Law Decoded, Oct. 31–Nov. 7
The United States will go to the voting booths on Nov. 8 to decide the fate of all 435 members of the House of Representatives and 34 out of the 100 Senate seats. The outcome will decide the prevailing power balance in Washington and has the potential to affect the crypto industry. Perhaps that’s why […]
China will expand CBDC trials to most populous province: Report
The People’s Bank of China, or PBoC, will reportedly expand deployment of its central bank digital currency, the e-CNY, to four of the country’s provinces, including Guangdong. According to a Tuesday report from the South China Morning Post, PBoC deputy governor Fan Yifei said at an event in Suzhou that the bank would be rolling […]
Official explains why China CBDC should not be as anonymous as cash
China’s central bank digital currency (CBDC) should not be as anonymous as cash, the head of the People’s Bank of China (PBoC) digital currency institute declared. Digital yuan project lead Mu Changchun spoke of China’s CBDC project at the 5th Digital China Construction Summit on July 24, local financial publication Sina Finance reported. Since debuting […]
Crypto Biz: Helicopter CBDC money rains on Shenzhen, May 26—June 1
China’s pandemic-hit economy needs all the help it can get after a surge in COVID-19 infections triggered mass lockdowns across the country. In an attempt to revive consumption, the southern city of Shenzhen used Beijing’s central bank digital currency, or CBDC, to airdrop free money to local residents. A similar strategy was used in the […]
Draft bill to ban China’s digital yuan from US app stores
Lawmakers in the United States are moving to protect the country from the potential undesirable impacts of the global adoption of China’s national digital currency. Three Republican senators, Tom Cotton, Mike Braun and Marco Rubio, introduced a bill on May 25, aiming to limit the use of China’s central bank digital currency (CBDC) in the United States. […]
Residents of 3 Chinese cities paying taxes and charges with digital yuan
Residents in three major Chinese cities have begun paying tax, stamp duty and social security premiums using the country’s central bank digital currency — the digital yuan (e-CNY). According to a domestic news report, a number of government agencies in the Zhejiang province — located just south of Shanghai — are currently running real world […]