China’s major state-run banks are testing out its central bank digital currency (CBDC) digital wallet application. The Chinese central bank, having said that its CBDC, also known as digital currency electronic payment (DCEP), is “almost ready,” is finally moving a step closer to its official launch nationwide.
Still strategizing to curb the dominance of Alipay and WeChat Pay, the People’s Bank of China will be using its DCEP system to break the cashless payment duopoly.
Former Chinese banker, Wang Yongli suggested that a push for digital currencies to substitute all currencies is needed to support monetary operation reforms.
The People’s Bank of China (PBoC) has published a set of evaluation rules for blockchain-based finance applications. The published rules aim to provide regulatory oversight using three basic standards bordering on technical, performance, and security.
China’s central bank has taken another major step forward toward the digital yuan’s mass adoption with its testing on food delivery giant Meituan Dianping. Backed by Tencent, Meituan has been having discussions with the People’s Bank of China’s central bank digital currency (CBDC), also known as digital currency electronic payment (DCEP) research wing.
China’s Central Bank Digital Currency Research Institute and Chinese transportation giant Didi Chuxing have reached an agreement to explore and develop the use of digital yuan in the transportation industry.
The Bank of Japan (BoJ) has just announced that it will begin experimenting with a Digital Yen, its own Central Bank Digital Currency (CBDC) to test its technical application and feasibility.
The world’s attention is on China who has recorded a great advancement in the development of its central bank digital currency (CBDC). The Chinese CBDC project, also known as digital currency electronic payment (DCEP) entered its testing phase back in April with a test run billed for four major cities.
President Trump’s opposition to Bitcoin and cryptocurrencies is well documented as is his determination to maintain the US Dollar's global status. According to a passage from ex-national security advisor John Bolton’s book—Trump’s administration has actually handed Bitcoin and Ethereum a huge advantage over other cryptocurrencies.
A synthetic Central bank digital currency (CBDC) could create new pathways for innovation according to a senior member of the International Monetary Fund (IMF).