Digital Yuan

Shanghai to Hand Out $3 Million in Digital Yuan Lottery

<div class=”featured_image_container”> </div> <strong>As part of government efforts to get the digital yuan going, authorities in Shanghai will distribute $3 million worth of the central bank-issued currency among residents of Shanghai. The digital money will be dispersed through a lottery, a method that has already been implemented elsewhere in China. </strong> Lottery Winners to Get …

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Beijing to Disperse $6 Million in Digital Yuan in a Red Envelope Lottery

<div class=”featured_image_container”> </div> <strong>China’s central bank digital currency (CBDC) continues to gain further ground as the Beijing Local Financial Supervision and Administration Bureau revealed 40 million worth of the country’s digital yuan ($6.3 million) will be distributed to Chinese citizens. </strong> Beijing and China’s Central Bank Launches Digital Yuan Lottery The People’s Bank of China …

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Digital yuan conceived to counter Alipay-like platforms, says former PBoC executive

China’s digital yuan will utilize smart contracts, and will be built to counter Alipay-like payment platforms designed by the privately owned conglomerates, former People’s Bank of China director Yao Qian said. Speaking at the International Finance Forum in Beijing, Qian argued that simply simulating its physical counterpart would not be enough for the digital yuan …

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China’s Absolute Control Over Digital Yuan Will Boost Demand for Cryptocurrencies, Says Analyst

<div class=”featured_image_container”> </div> <strong>China’s push for the digital yuan will boost demand for cryptocurrencies, according to an analyst at BK Asset Management, citing that the Chinese government wants “absolute power” over the wealth and income of its citizens.</strong> Digital Yuan Push Could Raise Demand for Crypto Boris Schlossberg, managing director of FX Strategy for BK …

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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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Our Man in Shanghai: DogeMania, ‘Dog-Coin’ trademark dogfight, hashrate outage, government warms up to crypto

The big news this week happened on April 16th, when a major power outage in Xinjiang wreaked havoc on the BTC hash rate. According to local sources, the hash rates on Ant Mine Pool fell by 21.93%, BTC.com by 18.5%, Binance Mine Pool by 22%, and Huobi Mine Pool by 25.5%. Reports from Cointelegraph linked …

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China Calls Bitcoin and Stablecoins ‘Investment Alternatives’ for the First Time Since Crypto Crackdown

<div class=”featured_image_container”> </div> <strong>After the well-known crypto crackdown launched by the Chinese government four years ago, it seems there is now a change in the tone from the country’s central bank. At least that’s what has been suggested recently by the deputy governor of the People’s Bank of China (PBoC).</strong> Central Bank Clarifies Its Regulatory …

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China is studying crypto as an investment tool, says PBoC deputy governor

Li Bo, recently appointed deputy governor of the People’s Bank of China, or PBoC, reportedly spoke on the benefits of crypto as an investment tool while highlighting regulatory uncertainty in the country surrounding digital assets. According to Chinese journalist Colin Wu, Li made the comments at the Boao Forum in southern China on Sunday. The …

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Bitcoin Bull Mike Novogratz Warns of ‘Existential Crisis’ if the US Fails to Create Digital Dollar

<div class=”featured_image_container”> </div> <strong>Mike Novogratz, the CEO of Galaxy Digital and bitcoin bull has warned that the United States’ failure to have its own digital currency could be an “existential crisis.” However, the CEO says the country’s fate is still in its hands. Novogratz made these comments a few days after former U.S. Secretary of …

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Chinese Citizens Can Now Apply for the Digital Yuan Wallet Through 6 State-Owned Banks

<div class=”featured_image_container”> </div> <strong>Following the interview with Ma Changchun, the head of the People’s Bank of China-run Digital Currency Research Institute, a recent report indicates that residents from Beijing and Shanghai can now apply for a digital yuan wallet. According to the report, six different Chinese banks will participate in the process.</strong> Beijing and Shanghai …

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