People’s Bank Of China

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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Bank of China Continues Anti-Crypto Narrative on WeChat

Financial markets are facing their worst crisis since 1929 and people are looking for alternatives to protect themselves from the crash. One option being considered by many is cryptocurrency. In response, Bank of China has continued its anti-crypto narrative in a long post titled “3.15 Protetion of Financial Consumption Rights and Interests”. The post was …

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China’s Central Bank to Inject $4.7M into Blockchain Trade Platform

The People’s Bank of China (PBoC) has secured $4.7 million in funding from China’s central government for its blockchain trade finance platform. The funding will be administered over three years and has been designated for research and development projects. The blockchain platform was initially revealed by the PBoC in Shenzhen during September 2018. The platform …

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Central Bank of China Pumps 300 Billion Yuan Into Financial System, Cuts Loan Rates

</header> <strong>The Chinese government has taken multiple steps so far to contain the economic fallout from the coronavirus epidemic, including interest rate cuts and financial injections worth billions of yuan. It did it again this week, extending the monetary easing provided by the central bank. With the budget under pressure, however, there are indications that …

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CoinDesk at WEF 2020: Crypto Themes to Watch as Davos Gets Underway

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. Below is the first edition of our pop-up newsletter, CoinDesk Confidential: Davos. Subscribe below. Get your Fourth Industrial Revolution hardhats on – it’s time to ponder the slew of problems …

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Unlike Libra, Digital Yuan Will Not Need Currency Reserves to Support Value: PBOC Official

The head of the People’s Bank of China’s (PBOC) digital currency research subsidiary, Changchun Mu, said China’s cryptocurrency will not need a currency basket to maintain a stable value. Speaking to reporters at The China Finance Association Academic Annual Meeting and China Finance Forum Annual Meeting in Beijing Saturday, Mu said the digital yuan would …

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Chinese Regulators Question 8 Crypto Companies in Shenzhen

</header> <strong>Authorities in Shenzhen have started pressuring crypto businesses operating in China’s tech capital.</strong><strong> Eight companies, two suspected operators of trading platforms, and six entities allegedly associated with coin offerings, have been placed under inquiry, Chinese media revealed, with authorities reportedly questioning their representatives at a meeting hosted by Shenzhen Financial Regulatory Bureau. </strong> Also …

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China’s Central Bank Uses Blockchain to Issue $2.8B Worth of Financial Bonds

The adoption rate of blockchain technology in China continues to impress as the People’s Bank of China (PBoC) has reportedly issued 20 billion yuan ($2.8 billion) in blockchain-based special financial bonds for small and micro enterprises. According to local news outlet Sina Finance in early December, the funds are specifically used to issue loans to …

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China Central Bank Official: Digital Yuan Should Have ‘Controllable Anonymity’

China’s proposed new stablecoin project should strike a balance between protecting privacy and regulatory enforcement, China’s Digital Currency Research Institute said Tuesday. Within the People’s Bank of China (PBOC), the Digital Currency Research Institute is part of the central bank’s payments division. Speaking at a conference in Singapore, Changchun Mu said the central bank will not …

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Report: No Bank Account Needed to Transfer China’s Upcoming CBDC

Binance Research, the research arm of the major crypto platform Binance, has reported that no bank account will be necessary to use China’s Central Bank Digital Currency (CBDC). Loose coupling and anonymity Binance Research shared its findings on Aug 28. According to the report, China’s CBDC will be transferable without a bank due to its …

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