What Does The Digital Yuan Mean For Bitcoin? – Bitcoin Magazine

The Chinese government hasn’t been too kind to cryptocurrencies in the past years. First, initial coin offerings (ICO) were banned in China in September 2017. Then, following the crackdown on ICOs, exchange platforms that traded cryptocurrencies or provided facilitation services were also ordered to be closed. This made the task of purchasing bitcoin almost impossible for investors in China.  However, this was not merely a blanket ban. It  was a preparation for things to come.  To understand the harsh attitude of the Chinese government toward cryptocurrencies, we have to look…

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China has no plan to replace USD with digital yuan, former PBoC head says

The Chinese government is not seeking to replace existing fiat currencies with its own digital currency, according to a former governor of the People’s Bank of China, or PBoC. Zhou Xiaochuan, the president of the Chinese Finance Association and former PBoC governor, claimed that China’s digital yuan is not intended to replace global fiat currencies like the United States dollar and the euro, the South China Morning Post reported on Dec. 14. Also known as a digital currency electronic payment, or DCEP, China’s digital yuan is purely designed to transform cross-border…

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China Drafts Law to Legalize Digital Yuan, Outlawing Competitors

China’s central bank, the People’s Bank of China (PBOC), has drafted a law to legalize the digital yuan and outlaw digital currencies issued by anyone else competing with it. Meanwhile, the central bank has been cracking down on gambling sites that use the stablecoin tether. China Drafts Law to Recognize Digital Yuan The People’s Bank of China published a draft law on Friday that gives legal status to its central bank digital currency (CBDC), the digital yuan. The central bank has also begun a public consultation on the draft law;…

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Bitcoin rallies, McAfee compares prison to Hilton, digital yuan airdrop

Coming every Sunday, Hodler’s Digest tracks every important crypto news story from the previous week. Essential reading for all Hodlers!   Top Stories This Week   $12,000 Bitcoin price back on the table after BTC rallies above $11,400 At last. Bitcoin rallied to $11,448 on Friday, finally breaking above the symmetrical triangle where the price had been compressing for the past 30 days. Earlier in the week, BTC had dropped to $10,528 when Donald Trump suggested negotiations on a second stimulus package wouldn’t happen until after the election. But there…

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Digital Yuan Giveaway: China’s Shenzhen City Hands Out 10 Million Yuan in Central Bank Digital Currency

A major Chinese city is giving away 10 million yuan in the country’s central bank digital currency this weekend. Recipients can use their digital yuan at 3,389 stores next week. The city aims for the giveaway to boost usage of the new government-backed digital currency. Chinese City Giving Away Digital Yuan The Chinese city of Shenzhen is giving away a total of 10 million yuan ($1.49 million) in the country’s central bank digital currency (CBDC) to 50,000 residents in an effort to boost its usage, the South China Morning Post…

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China’s Digital Currency Has Been Used in 3 Million Transactions Worth Over a Billion Yuan So Far

China’s central bank digital currency has been used in 3.13 million transactions worth about 1.1 billion yuan ($162 million) so far, the People’s Bank of China’s deputy governor has reportedly revealed. In addition, more than 122,000 digital wallets have been created. ‘Positive Progress’ of Digital Yuan Pilot The People’s Bank of China (PBOC) has been actively testing its central bank digital currency (CBDC). At Sibos, the global financial services networking event organized by SWIFT, PBOC Deputy Governor Fan Yifei updated the progress of digital yuan testing on Monday, the South…

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Digital yuan doesn’t pose a threat to the hegemony of the dollar, says expert

Eswar Prasad, a professor of Trade Policy at Cornell University and a senior fellow at the Brookings Institution, believes that even though China’s digital yuan will enhance the renminbi’s role as an international payment currency, it will “hardly put a dent” in the US dollar’s status as the dominant currency. In an opinion piece published in Project Syndicate, Prasad states that the Chinese government should keep reforming the country’s financial markets and remove restrictions on capital flow to put both China’s CBDC and national cross-border payments system in the global…

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Ride-Hailing Giant DiDi Joins China’s Digital Yuan Project

Chinese ride-hailing juggernaut DiDi Chuxing has joined the digital yuan project, a CBDC developed by the People’s Bank of China, or PBoC. According to an announcement  DiDi shared with Cointelegraph earlier today, the company has entered into “a strategic partnership” with the Digital Currency Research Institute of the PBoC. Together, DiDi and the PBoC’s think tank will reportedly work to bring the DC/EP solution to the former’s large-scale transportation network, which DiDi also refers to as “the world’s largest one-stop on-demand transportation platform.” The statement reads: “Under PBOC’s overall DCEP…

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Digital Yuan to Fuel China’s Economic Reign – McDonald’s, Starbucks, Subway Test PBoC’s Cryptocurrency

China’s economy is the second-largest in the world and economists believe the country may someday bring a new global order and end the Western hemisphere’s financial rule. In 2020, various reports show that China’s central bank will soon release a cryptocurrency that represents a digital yuan. This week, regional reports show that 19 well known restaurants including Starbucks, Subway, and McDonald’s will be testing the bank’s virtual currency. China’s Digital Yuan Is Becoming a Reality Reports this week detail that the People’s Bank of China is making headway with its…

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China’s Digital Yuan Research Delayed Amid Coronavirus Epidemic

Research on a central bank digital currency (CBDC) in China has been delayed as the coronavirus epidemic continues. Global Times reported on Feb. 25 that the epidemic’s impact on staff has resulted in significant setbacks. A source familiar with the matter reportedly said: “The coronavirus outbreak has led to postponed work resumption in government institutions, including the People’s Bank of China. Policymakers and research staff involved in the DCEP [Digital Currency Electronic Payment] project are no exception, which weighs on the development process.” Shentu Qingchun, the CEO of Shenzhen-based blockchain…

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