Digital Yuan

China Is Drafting Laws for the Circulation of National Digital Currency

</header> <strong>Amid the coronavirus pandemic, China’s central bank has reportedly completed the basic development of the nation’s central bank digital currency. The central bank is now drafting legislation for its circulation, according to local media. A number of patents have revealed what the digital yuan will be like.</strong> Also read: 2x Bitcoin — Wanna Double …

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A Sea Change to Crypto Hits America, Again

</header> <strong>A sea change is coming to cryptocurrency in America. It is likely to hit in two separate waves: a central bank digital currency (CBDC) and draconian regulation that shuts down free-market activities, including development.</strong> Also Read: No Backdoor on Human Rights: Why Encryption Cannot Be Compromised The Wave of a Central Bank Digital Currency …

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China’s DCEP Unlikely to Impact Crypto Markets in the Long-term, eToro Analyst Says

China is taking a great leap forward to develop a central bank digital currency, with more than 80 patents filed by the People’s Bank last week. The 84 patents filed on Feb. 13 include proposals related to the supply and issuance of a central bank digital currencies (CBDC) as well as interbank settlements using the …

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84 PBOC Digital Currency Patents Show the Extent of China’s Digital Yuan

</header> <strong>The People’s Bank of China (PBOC) has reportedly filed 84 patents relating to its plans to launch a digital currency. The patents reveal the central bank’s plans which include integrating digital currency wallets into existing retail bank accounts. The potential for the Chinese central bank digital currency to achieve scale from the get-go has …

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Fed Chair Powell Reveals US Response to China’s Digital Yuan, Libra, Public Payments Ledger

</header> <strong>In his testimony before the House Financial Services Committee, Federal Reserve Chairman Jerome Powell answered a number of questions regarding digital currencies. While stating that “a ledger where you know everybody’s payments” is not a problem in China, he believes it is not attractive for the U.S. Admitting that Facebook’s Libra project was a …

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Prof. Michael Sung Talks About the Rise of the Digital Yuan

Michael Sung, a professor at Shanghai’s Fudan University, spoke to CoinDesk’s Michael Casey on the sidelines of the World Economic Forum in Davos, Switzerland. The topic? The intertwined growth of digital currency and blockchain projects in China. How big a deal is it? And what are they actually doing? Sung had some surprising answers. “So …

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Deutsche Bank Report: Digital Yuan Could Upset Global Power Balance, Plastic Will Die, Cash Survive

As China (and India) develop electronic, crypto, and peer-to-peer strategies, the epicentre of global economic power could shift. China is working on a digital currency backed by its central bank that could be used as a soft- or hard-power tool. In fact, if companies doing business in China are forced to adopt a digital yuan, …

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Davos, CBDCs, and the Rise of Bitcoin Art

That’s a wrap! The World Economic Forum is over, and the key ideas coming out of Davos for our industry are: 1) a continued “blockchain, not crypto” narrative; 2) a belief in the inevitability of cashless futures (without much concern about the negative implications) and 3) the rise of CBDCs.  On the CBDC front, the …

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Davos Needs to Wake Up to the Ills of Centralization

This is part of a series of op-eds previewing the World Economic Forum in Davos, Switzerland. CoinDesk will be on the ground in Davos from Jan. 20–24 chronicling all things crypto at the annual gathering of the world’s economic and political elite. Follow along by subscribing to our pop-up newsletter, CoinDesk Confidential: Davos. Michael J. Casey is the …

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China Issues Digital Currency Guide for Party Cadres

</header> <strong>Understanding a complex subject should be easier with access to educational materials. With blockchain and CBDC now part of Beijing’s political vocabulary, the Communist Party of China (CPC) has issued a guide to digital currencies meant to prepare party officials for upcoming changes in the country’s financial system. </strong> Also read: China Saw $11.4 …

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