Fun

News Feed - 2023-07-20 02:07:54

Brayden Lindrea3 hours agoChina’s digital yuan nears $250B transaction volume: Central bank governorWhile the adoption and use cases of China’s central bank digital currency are expanding, the digital yuan still only represents 0.16% of China’s monetary supply.1843 Total views18 Total sharesListen to article 0:00NewsJoin us on social networksNearly $250 billion worth of transactions have taken place using China’s digital yuan in the one-and-a-half years since the start of its pilot, the country’s central bank governor has claimed.


On July 19, People’s Bank of China governor Yi Gang told a conference in Singapore that its central bank digital currency transacted 1.8 trillion yuan as of the end of June.


Yi added there have been around 950 million transactions from roughly 120 million wallets since the digital yuan’s initial January 2022 rollout, leading to an average transaction amount of about $260.MAS is honoured to have Dr Yi Gang, President of China Society for Finance and Banking as the speaker for the MAS Lecture 2023. Dr Yi spoke on “CBDC from China’s perspective”.

Find out more here: https://t.co/UbikjgQhRn pic.twitter.com/UuQwOQe8n0— MAS (@MAS_sg) July 19, 2023


He claimed around $2.3 billion, or 16.5 billion digital yuan, was in circulation at the end of June, which only represents 0.16% of China’s monetary supply, according to a July 19 Reuters report.


The digital yuan’s adoption is still minimal relative to China’s 1.4 billion strong population, so far mostly being used for domestic retail payments aside from a few trials in Hong Kong.


On July 18, the South China Morning Post reported that the Bank of China Hong Kong began trialing another cross-border payment scheme for Bank of China customers at select retail stores in Hong Kong.


The trial was rolled out in a bid to further promote the cross-border applications of digital yuan and is the third cross-border trial of the CBDC in Hong Kong, according to the SCMP.


Related:Hong Kong would not go crypto without China’s approval — Animoca exec


In a trial last year the BOCHK launched a program that encouraged customers to set up a BOC e-CNY wallet to receive $14 (100 yuan) to be used at the Hong Kong supermarket chain U Select.


In January, the central bank integrated smart contract functionalityinto the digital yuan to expand upon its use cases.


The $250 billion in digital yuan transactions is an over 70% increase from the number the bank cited in August 2022.


The amount is still, however, far off the amount of value processed by some of the largest public blockchains in the world.


Bitcoin (BTC), for example, processed $8.2 trillion in 2022, according to various reports.


Collect this article as an NFTto preserve this moment in history and show your support for independent journalism in the crypto space.


Magazine:Asia Express: China expands CBDC’s tentacles, Malaysia is HK’s new crypto rival# Hong Kong# China# Business# Smart Contracts# Adoption# CBDC# RegulationAdd reactionAdd reactionRelated NewsWhat is NFT rarity, and how to calculate it?AI opens doors for NFT artist Ellie Pritts at Bitforms gallery in NYC5 free data set sources to use for data science projectsRipple gets in-principle nod for digital asset services in SingaporeCrypto trading an important part of the virtual asset ecosystem — Hong Kong SFC chiefHong Kong establishes task force to advance Web3 development

News Feed

G7 Finance Ministers and Bankers Adopt Guidelines for Central Bank Digital Currencies
G7 Finance Ministers and Bankers Adopt Guidelines for Central Bank Digital Currencies Any digital currency issued by a central bank must support financial and monetary stability, f
Gareth Jenkinson1 hour agoBNB Chain hard fork to improve security and compatibility with EVM chainsBinance’s BNB Chain is set for two upgrades aimed at improving the finality of the network and compatibility with other
Bank of Russia Eases Restrictions on Purchases of Dollar and Euro Cash
Bank of Russia Eases Restrictions on Purchases of Dollar and Euro Cash The Central Bank of Russia has relaxed some limitations for Russian banks selling U.S. dollars and euros to t
Tom Blackstone5 hours agoCircle to phase out consumer accounts, but business and Mint will remainStablecoin issuer Circle sent emails to customers stating that individual consumer accounts would be phased out.2622 Total
Fed Hikes Benchmark Bank Rate by 75 bps, Elizabeth Warren Says Central Bank Could ‘Trigger a Devastating Recession’
Fed Hikes Benchmark Bank Rate by 75 bps, Elizabeth Warren Says Central Bank Could "Trigger a Devastating Recession" On Wednesday, the U.S. Federal Reserve raised the federal funds
New SEC Filing Shows Fidelity Preparing to Launch Bitcoin Fund
New SEC Filing Shows Fidelity Preparing to Launch Bitcoin FundThe U.S. Securities and Exchange Commission (SEC) has published a new filing for a bitcoin fund, submitted by Fidelity
David Attlee33 minutes agoDZ Bank, third-largest German bank, to start crypto custody for institutional investorsDZ Bank AG launches its own digital assets custody platform, built on blockchain.548 Total views2 Total sha
Since 2014, Roughly 42% of Failed Crypto Exchanges Have Disappeared Without a Trace for No Apparent Reason
Since 2014, Roughly 42% of Failed Crypto Exchanges Have Disappeared Without a Trace for No Apparent Reason Just recently, coinjournal.net published a report that shows the number o
Brayden Lindrea4 hours agoFriend.tech adds new security upgrade in wake of SIM-swap attacksThe 2FA security measure is optional for Friend.tech users seeking additional security on the platform.901 Total views37 Total sh
Brayden Lindrea17 minutes agoAmazon launches ‘Q’ — a ChatGPT competitor purpose-built for businessEmployees in HR, legal, product management, design, manufacturing and operations departments will benefit from Q, sa
Coinbase’s Stand With Crypto initiative to launch in Canada
Turner Wright7 hours agoCoinbase’s Stand With Crypto initiative to launch in CanadaThe group hinted at advocating for crypto regulation in Canada and updating the country’s financial system, as residents had an “ap
Kyle White1 hour agoCrypto markets mixed as traders digest DOJ action against Binance, CZCryptocurrencies flash mixed signals as market participants digest the details of CZ’s guilty plea and the DOJ’s $4.3 billion s