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Chinese Central Bank Approves the City of Chengdu for its FinTech Innovation Pilot
The Chinese central bank, People’s Bank of China has recently approved the city of Chengdu to carry out fintech innovation supervision pilots.
Chinese City Eyes Blockchain Applications for Urban Governance and Smart Education
Chengdu, the capital of China’s Sichuan province, aims to develop blockchain applications to revolutionize cross-border trade, urban governance, and smart education by 2022.
China’s Central Bank Reveals First Cohort of its FinTech Regulatory Sandbox Pilot
The Chinese central bank’s Shanghai headquarters has recently revealed the Shanghai FinTech Innovation regulatory sandbox application list. The People’s Bank of China’s (PBoC) Shanghai branch is currently soliciting opinions from the public on eight applications to be included in the FinTech innovation supervision pilot.
PBoC Governor Yi Gang Reports $300 Million in Digital Yuan Pilot Transactions
China’s digital yuan pilot testing in four of its cities has recorded a sum of nearly $300 million (two billion yuan) in transactions according to the People’s Bank of China's Head.
China’s Central Bank Digital Currency DCEP to be Operational for Local Government Employees Starting in May
Local government employees in the city of Suzhou will be receiving China’s central bank digital currency, digital currency electronic payment (DCEP) in May, according to a local news outlet. China has been charging full speed with its digital currency development plans shortly after Facebook revealed its Libra stablecoin project.
Singapore Consults China on Central Bank Digital Currency
Singapore is considering a partnership with China as it works on developing a Central Bank Digital Currency dubbed Project Ubin
McDonald's, Subway and Starbucks Among the First to Trial China's Digital Yuan
Mcdonalds has been named along with coffee giant Starbucks as one of the 19 restaurants that will be first to try out China’s Digital Yuan in the new district of Xiong’An.
China's Central Bank Says Digital Yuan Will Not Raise Inflation
Bank of China claims that the introduction of digital yuan will not cause the occurrence of inflation.
China’s DCEP Aims to Restructure the Payment Network While Maintaining a “Normal” Monetary Policy
A Chinese senior central bank official said China should maintain a “normal” monetary policy as the country has been recovering from COVID-19 smoothly.
China’s CBDC Testing Expansions Exaggerated, Digital Currency Details Revealed
A source close to the matter said that China's CBDC pilot program "has not yet been expanded on a large scale," and the test is just "internal and closed.”
China to Launch Its Own Digital Currency Later This Year
In order to remain ahead in the global competition, China plans to launch its own digital currency known as Digital Currency Electronic Payment (DCEP). The digital currency will stimulate daily banking activities like deposits, payments, and withdrawals from the digital wallet. Crypto news website Coin Journal shows that the People’s Bank of China, China’s central bank has initiated the efforts to roll out its very own digital currency. It is an effort aimed at staying ahead among all the central banks worldwide as well as preserving financial sovereignty.
