China

China’s digital yuan pilots have processed $300M so far, says PBoC head

The governor of China’s central bank has given more details about the country’s ongoing digital currency pilot.  Yi Gang, governor of the People’s Bank of China, said that the digital yuan pilots have processed over four million transactions to date, totaling more than 2 billion yuan ($299 million). The official delivered his latest remarks at …

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PBoC Governor Says ‘Successful’ Digital Yuan Trials Have Transacted $299M

The governor of the People’s Bank of China praised recent tests of its national digital currency at the Hong Kong Fintech Week conference on Monday. Over 4 million transactions totaling more than 2 billion yuan ($299 million) have been conducted using the digital yuan, Yi said. Financial services in remote areas have been bolstered by …

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Judge: Trump Admin‘s TikTok ban would cause “irreparable harm” to creators

Enlarge / Visitors visit the booth of Douyin (TikTok) at the 2019 smart expo in Hangzhou, China, Oct. 18, 2019. Costfoto | Barcroft Media | Getty Images A federal judge in Pennsylvania has blocked a Trump administration order that would have banned TikTok from operating inside the United States as of November 12, finding that …

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Chinese city seeks to power urban governance and more using blockchain tech

Authorities in Chengdu, China plan to adopt blockchain for several use cases throughout the city, including urban governance, cross-border trade, smart manufacturing, and agriculture. During the 2020 Chengdu Global Innovation and Entrepreneurship Fair, the city’s first International Blockchain Industry Expo, Lu Tiecheng, secretary of the Party Group of the Chengdu New Economy Committee, released the …

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Mempool Clog: Bitcoin Hashrate Drops 40%, Backlog Shows Over 100K Unconfirmed Transactions

<div class=”featured_image_container”> </div> <div class=”td-a-rec td-a-rec-id-content_top “><a data-bid=”1″ href=”https://news.bitcoin.com/linkout/398592″ rel=”nofollow noopener noreferrer” target=”_blank”><img loading=”lazy” src=”http://scoreit.online/wp-content/uploads/2020/10/lottery_exclusive_728x180_copy2-3.jpg” alt width=”728″ height=”180″></a></div><strong> The Bitcoin network hashrate has dropped significantly over the last four days sliding from a high of 161 exahash per second (EH/s) to 90 EH/s on October 27. Today, the Bitcoin hashrate has improved a hair as …

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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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