Tag: Digital Yuan

Beijing: Subway accepts digital yuan | Cointelegraph

“China continues to expand the scope of its digital central bank currency (CBDC). Now you can pay for transport services with the digital yuan for the first time.

According to an official announcement on Wednesday, the Beijing subway launched a pilot program in which passengers can pay for the use of 24 subway lines and four subway stations with the digital yuan (e-CNY for short).

The new service is only available to customers with a bank account at the Chinese industrial and commercial bank. The big bank is involved in China’s CBDC testing. “You need to download a mobile app that is linked to your bank account to use the service,” said a spokesman for the Beijing Railway Network.”

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Peking: U-Bahn akzeptiert digitalen Yuan
Peking ist ein wichtiger Ort für die Tests mit dem digitalen Yuan in China. Dort gibt es viele Integrationen für den e-CNY.

Hong Kong launches pilot program with digital yuan | Crypto Valley Journal

“Hong Kong’s finance minister firmly spoke of the need for digital transformation and confirmed that the region will conduct technical tests on China’s digital central bank currency (CBDC) in the form of a digital yuan in 2022.

Hong Kong Finance Minister Paul Chan Mo-po said in an essay posted on the ministry’s website on June 27 that the organization would begin technical testing of the digital yuan. Guided by the idea of “keeping up with the times”, Mo-po began his essay by saying that he was aware of how enthusiastically the Chinese public used consumer vouchers and discounts with e-wallets. This motivated him to reflect on the impact of the digital yuan, which he believes will increase the public’s interest in digital systems, as mentioned earlier.“”

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Hongkong lanciert Pilotprogramm mit digitalem Yuan
Hongkongs Finanzminister sprach entschieden von der Notwendigkeit der digitalen Transformation und bestätigte, dass die Region technische Tests mit der

China: First blockchain payment of wages in digital yuan | Cointelegraph

“China is making progress in testing its central bank digital currency (CBDC) and introducing blockchain payments for the first time to get your salary in digital yuan.

According to the official website of the Xiong’an New Area, the Chinese central bank PBoC has paid out wages on-chain in digital yuan for the first time.

On Saturday, Xiong’an authorities said the pilot project was led by the Shijiazhuang-based PBoC branch and supported by the Bank of China Hebei in Xiong’an and the National Development and Reform Commission.”

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China: Erste Blockchain-Bezahlung von Löhnen in digitalen Yuan
Chinas Zentralbank hat erstmals Blockchain-Zahlungen beim digitalen Yuan verwendet.

China’s Much-Hyped Digital Yuan Fails to Impress Early Users | Bloomberg

“As China moves closer to rolling out the world’s first major sovereign digital currency, speculation over the global implications has reached a fever pitch.

Historian Niall Ferguson is calling the digital yuan a “potentially fatal challenge” to decades of American financial hegemony. Franklin Templeton’s Michael Hasenstab says it could undermine the dollar’s role as the world’s reserve currency. Joe Biden’s White House is studying the potential threat to U.S. interests.

Yet talk to people who’ve actually used the digital yuan in China, and you’re more likely to get a different response: shrugs of indifference.

In Shenzhen, the high-tech metropolis that just extended China’s largest digital yuan trial, participants interviewed by Bloomberg showed little interest in switching from mobile payment systems run by Ant Group Co. and Tencent Holdings Ltd. that have already replaced cash in much of the country. Some balked at the possibility a digital yuan might give authorities easier access to real-time data on their financial lives.”

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China’s Much-Hyped Digital Yuan Fails to Impress Early Users
As China moves closer to rolling out the world’s first major sovereign digital currency, speculation over the global implications has reached a fever pitch.

China’s sovereign digital currency plans must be globally compatible to internationalise the yuan, analysts say | SCMP

“The ‘interoperability’ of the digital yuan with international payment systems and other central bank digital currencies will determine its use abroad.
There is a sense of urgency to promote greater use of the yuan to help China offset threat of worst-case US sanctions that could cut it off from dollar payment system.”

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China’s digital yuan ecosystem must be made to work globally, analysts say
China is set to expand the testing of its new sovereign digital currency later this year or in early 2021, but analysts say the design of its technological platform needs to be made compatible with those of other countries if the digital yuan is to play a role in international transactions.

Alibaba-backed AI startup SenseTime to help China handle digital Yuan | Cointelegraph

“As China is moving forward with blockchain projects amid the COVID-19 crisis, the government has tapped another tech partnership to continue the development of China’s digital yuan.

Domestic artificial intelligence (AI) startup SenseTime has partnered with the People’s Bank of China’s (PBoC) Digital Currency Research Institute to provide its AI expertise amid the reported trials of the central bank’s digital currency (CBDC).”

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Alibaba-Backed AI Startup SenseTime to Help China Handle Digital Yuan
Hong Kong-based AI startup SenseTime partnered with PBoC’s digital currency research unit to continue the development of the digital yuan.

China starts trial of digital currency in four cities | Caixin

“China’s central bank confirmed that some state-owned banks are conducting internal tests of a digital currency in four cities and hypothetical use for the 2022 Winter Olympics in Beijing.”

Read the full article @ Caixin (paywall):

China Starts Trial of Digital Currency in Four Cities
After screenshots of pilot wallet app circulate on social media, central bank confirms tests are underway including scenarios for use of new digital yuan at 2022 Beijing Winter Olympics