DCEP

Top Chinese banks promote CBDC over local payment firms for shopping festival

Some of China’s largest state banks are actively promoting the digital yuan as a superior means of payment to the country’s two leading payment providers, Alipay and WeChat Pay. In an April 26 report, Reuters revealed that six of China’s largest banks are promoting China’s nascent central bank-issued digital currency, or CBDC, in Shanghai ahead of …

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China Leads Africa’s Digital Currency Race

In Africa, there is a race to define a digital currency standard for the emerging digital economy. So far, we have three dogs in this fight, with no case of a pan-African central bank digital currency either live or at pilot stage. Bitcoin, a form of decentralized digital currency with no issuer Facebook’s libra, now …

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China Airdrops Digital Yuan Worth $3 Million — 10,000 Stores Will Accept It

<div class=”featured_image_container”> </div> <strong>Twenty million yuan ($3 million) in China’s central bank digital currency will be given away to 100,000 people in the country’s largest test of the digital yuan to date. The digital currency will be accepted at 100,000 stores, including JD.com, one of China’s largest online retailers.</strong> $3 Million in Digital Yuan Giveaway …

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What Is a CBDC?

CBDC stands for “central bank digital currency,” a new type of currency that governments around the world are experimenting with. What sets a CBDC apart from established currencies is that proponents hope it can use new payment technology, typically a blockchain, to potentially increase payment efficiency and lower costs. This new type of currency is …

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Central Bankers, Experts Outline Possible Scenarios for CBDC Adoption

Central bank digital currencies (CBDCs) can have broad implications for the global balance of power in both finance and politics, but the optimal scenarios for adoption have yet to be found.  These are some of the ideas voiced by the panelists discussing China’s digital yuan project on Wednesday. The panel was arranged by Policy 4.0, …

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Goldman Sachs Expects Digital Yuan to Reach 1B Users Within 10 Years

The digital yuan, China’s planned national virtual currency, would account for 15% of total consumption payments in ten years, helping commercial banks gain more ground from fintech companies, according to a Nov. 17 Goldman Sachs report shared with CoinDesk. The Digital Currency Electronic Payment (DC/EP) could be a more attractive alternative to existing digital payment …

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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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Chinese Bank Disables Digital Yuan Wallet After Soft Launch Draws Wide Attention

A major bank quietly opened up a wallet service for China’s central bank digital currency to public users – but quickly disabled it after the feature gained widespread attention. Around noon on Saturday local time, users of China Construction Bank (CCB), one of the big-four state-owned commercial banks, started to notice that a central bank digital …

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Chinese Ex-Banker Says Digital Currency Should Replace Fiat Money

A former vice president of a top Chinese bank has argued that digital currency should replace fiat in the nation’s financial systems. Disclosure The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary …

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