Yuan

Digital yuan campaign planned for contested island in the South China Sea

South China’s Hainan Province, which administers the prefectural Sansha City on a disputed archipelago in the South China Sea, will run a two-week campaign later this month to promote the use of the digital yuan among island residents. The city, established in 2012, is on the front line of disputes over territorial claims in the South China …

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Ant-backed MYbank to help China expand digital yuan trial

China’s central bank is pushing exposure to its ongoing national digital currency pilot by enlisting two major private banks in the project. According to a Feb. 22 Bloomberg report, MYbank and WeBank will help the People’s Bank of China extend its user exposure in the ongoing pilots of its central bank digital currency, the digital …

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China turns up pace on CBDC release, tests infrastructure prior to adoption

The COVID-19 crisis has done little to dampen China’s interest in becoming the first major economy to distribute a central bank digital currency. Quite the contrary, its digital currency/electronic payment project appears to be picking up speed.  In the Shenzhen region, for example, 100,000 local citizens this month received for free a total of $31 …

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Selected Shenzhen residents to get lottery ‘red envelopes’ with digital yuan

Programs to pilot and encourage widespread adoption of China’s central bank digital currency, known as DC/EP or the digital yuan, are continuing apace.  As a New Year’s offering, the city of Shenzhen is offering its residents the option to register to take part in a municipal lottery, as of Jan. 1, with registrations closing this …

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Chinese residents make 20K transactions in digital yuan trial event

People in China have conducted roughly 20,000 transactions through e-commerce company JD.com in a trial of the country’s digital yuan. According to local media outlet Global Times, JD.com reported that 80% of participants born in the 1980s and 1990s used the platform to conduct transactions in the digital currency starting on Friday evening, with at …

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Why the Rise of the CBDC Is Bad for Your Privacy

Like, hate, or fear them, central bank digital currencies (CBDCs) are on their way. There will be no stopping them. From Sweden to Thailand and China to Canada, governments the world over are experimenting with CBDCs. While most are being undertaken as pilots at this stage, China’s is all but ready for primetime. Social Credit …

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Digital Yuan CBDC Momentum Grows as More Chinese Firms Get to Testing

Despite the global economic crisis and the consequences of the coronavirus pandemic, the development of the Chinese national cryptocurrency, the Digital Currency Electronic Payment, is steadily progressing. The increase in the number of large companies joining the digital yuan initiative as partners in testing and implementing the technology is clear evidence of the progress the …

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