China

China’s central bank lays regulatory foundation for CBDC

China’s central bank, the People’s Bank of China (PBOC), published a draft law this Friday that aims to provide regulatory framework and legitimacy for a forthcoming central bank digital currency (CBDC), the digital yuan.  The draft law states that the yuan is the official currency of the People’s Republic of China whether in physical or …

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Blockchain is still far from maturity, says China’s former IT minister

Wu Zhongze, China’s former vice-minister for Science and Technology and a well-known digital economics expert, believes that blockchain technology is still quite young. During an interview with The Paper, the former IT minister also stated that there was still “not much difference between where China and leading economies such as the United States and Europe” …

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Proposed Chinese Law Outlaws All Yuan-Pegged Tokens – Except for Its CBDC

China’s central bank has included the digital yuan in the latest version of a proposed banking law, giving more legal clarity to the regulation of its national virtual currency.  The People’s Bank of China is soliciting public comments for the draft of Laws of People’s Republic of China on PBOC until November 23, according to …

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Pomp says US digital dollar needs to happen now

Recent comments from Jerome Powell, the chairman of the U.S. Federal Reserve, show the American government is not especially concerned with speed when it comes to developing a central bank digital currency, or CBDC. In contrast, Morgan Creek Digital co-founder Anthony Pompliano argues that time is of the essence.   “They’re talking about like, maybe we’ll build …

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Filecoin creator denies strike allegations

Juan Benet, the creator of Blockchain-based data storage platform Filecoin, has called allegations that miners of its token have been on strike since Saturday “nonsense.” According to a report by 8btc.com, five of the largest Filecoin miners turned off their machines to protest the project’s “unfair” economic model, which currently requires a significant amount of FIL tokens …

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Better to get it right than to be first with CBDC, says US Fed chair

The United States will not be issuing a digital dollar until the Federal Reserve resolves all questions around a potential central bank digital currency, or CBDC, according to the Fed’s chairman, Jerome Powell. Powell claimed that he is not worried about other countries having a first-mover advantage when it comes to issuing CBDCs. Speaking at …

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Filecoin Miners Go On Strike One Day After Mainnet Launch, Prompting Early Reward Release

Filecoin, a decentralized storage network launched by Protocol Labs, is off to a rocky start after a strike by miners just one day after its highly anticipated miannet launch on Oct. 15.  Five of its largest miners turned off their machines to protest the project’s “unfair” economic model that requires a significant amount of FIL …

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China’s revamped law bans online services that ‘induce addiction’ in kids

Long Wei/VCG via Getty Images China is implementing stricture measures in its bid to keep kids away from addictive digital content. The state-backed news agency Xinhua reported (via Reuters) that China has voted for revamped law that will ban internet products and services which “induce addiction” in kids. Game creators, livestream services and social networks …

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Huobi Guarantees Normal Operations During OKEx’s Suspension of Crypto Withdrawals

The Huobi cryptocurrency exchange assured users its trading platform is “currently operating normally” after one of its biggest competitors, OKEx, announced it suspended all cryptocurrency withdrawals indefinitely. “Huobi’s cold wallet uses multi-signature and threshold signature technology to ensure the security of the private key signature process,” Ciara Sun, vice president of Huobi Global Markets, told …

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‘No single digital currency will dominate the world’ Bank of Japan now says

There appears to be a disagreement within the top echelons of Japan’s government on the threat that China’s CBDC poses to the nation. Just last week, Kenji Okamura, vice-finance minister for Japan’s international affairs voiced concerns over its neighbor’s efforts in the space, stating “first-mover advantage is something we should be afraid of.” Today’s statement …

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