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Digital Yuan Now Used to Complete Car Prepurchase Payments
23.2.2024
The digital yuan, China’s central bank digital currency (CBDC), is being used as a security element in car prepurchase payment settlements. According to local media reports, a pilot test that allows customers to pay for their cars with digital yuan was established in early February...
Car Buyers in China Now Can Pre-Pay with Digital Yuan Smart Contracts
20.2.2024
China’s Shenzhen has introduced a new era of automotive purchasing with digital yuan smart contracts, offering enhanced pre-payment security for car buyers in collaboration with Agricultural Bank of China.
The post Car Buyers in China Now Can Pre-Pay with Digital Yuan Smart Contracts appeared first...
Russian President Putin Discusses Dedollarization — Calls US Dollar Weaponization a ‘Grave Mistake’
11.2.2024
Russian President Vladimir Putin says the U.S. dollar is the main weapon used by the United States to preserve its power across the world. However, he stressed that when “the political leadership decided to use the dollar as a tool of political struggle, a blow was dealt to this American...
Hong Kong General Chamber of Commerce Asks Government to Allow Yuan-Linked Stablecoins
7.2.2024
The Hong Kong General Chamber of Commerce (HKGCC) has asked policymakers to consider allowing the issuance of Chinese yuan-linked stablecoins. In a statement released on Tuesday, the influential business organization emphasized the importance of retaining and attracting talent and businesses...
Project Mbridge Reaches Milestone: First Digital Dirham Cross-Border Settlement Goes Through
3.2.2024
The first cross-border digital dirham payment was completed by Sheikh Mansour Bin Zayed Al Nahyan, Chairman of the Board of the Central Bank of the UAE, using the Mbridge platform, a central bank digital currency (CBDC) liquidity and interconnection tool. The settlement involved sending 50 million...
UAE and China Complete First $13.6M Cross-Border CBDC Transaction
2.2.2024
The United Arab Emirates and China have executed their first cross-border central bank digital currency (CBDC) transaction valued at $13.6 million using digital dirham and digital yuan. According to People.cn, the 50-million-dirham ($13.6 million) transaction occurred via the m-CBDC Bridge platform...
Famed Analyst Richard Bove Says US Dollar Is Finished as World’s Reserve Currency — Expects China to Overtake US Economy
31.1.2024
Renowned financial analyst with over 54 years of experience, Richard Bove, has warned that the U.S. dollar is finished as the world’s reserve currency, cautioning that China will overtake the U.S. economy. He warned that the offshoring of American manufacturing poses a significant threat...
US Sanctions on Russia Similar to Planting a ‘Bomb Under the Dollar,’ Says Russian Analyst
30.1.2024
The United States’ sanctions against Russia are undermining confidence in the U.S. dollar and may force other countries to ditch the currency, a Russian financial analyst has said. The analyst said contrary to the West expectations, the sanctions against Russia have failed to destroy...
Bank of Japan Holds First CBDC Meeting with Key Finance Officials
29.1.2024
Japan’s central bank and the Finance Ministry reportedly had their first meeting to discuss a potential central bank digital currency (CBDC) on Friday. Local outlet NHK News reported that executives from relevant ministries and central bank directors discussed issues regarding a CBDC. The Ministry...
Chinese Company Issues First $350 Million Tech Innovation Bond Raised in Digital Yuan
29.1.2024
A Chinese infrastructure company has successfully raised $350 million in digital yuan for its new technology innovation bond. According to Shanghai Securities News, the Shandong Hi-Speed Group issued the “Shandong Hi-Speed Group Co., Ltd. 2024 Public Offering to Institutional Investors...
Chinese Central Bank to Expand Digital Yuan Pilot in Hong Kong
26.1.2024
The central People’s Bank of China says it plans to expand its “cross-border” digital yuan pilot in Hong Kong. Per a Weibo post from the media outlet Caixin, and a report from The Paper, the Deputy Governor of the PBoC Xuan Changneng said the bank wants to “deepen the cross-border e-CNY pilot”...
China Proposes Digital Yuan’s Accelerated Adoption in Beijing and Shanghai
23.1.2024
China authorities have proposed new policies to accelerate the adoption of digital yuan in designated districts in Beijing and Shanghai. According to Xinhua, China State Council’s General Office has announced a comprehensive reform initiative for Shanghai’s Pudong New Area, scheduled to...
Morgan Stanley Sounds Alarm on US Dollar’s Dominance — Says Crypto Could Significantly Alter Currency Landscape
22.1.2024
Morgan Stanley has warned about the risk of the U.S. dollar losing its dominance, fueled by growing interest in digital assets, including bitcoin. Emphasizing that the U.S. dollar’s dominance “is being increasingly scrutinized,” the investment bank stated: “A clear shift towards reducing...
Shanghai Court Issues Verdict in First Digital Yuan Money Laundering Case
18.1.2024
A Shanghai court has issued a verdict for the first instance of money laundering using Chinese digital yuan and cryptocurrency, marking a significant legal precedent of crypto-related crimes in China. According to Shanghai Securities News, the Yangpu District People’s Court of Shanghai...
Chinese ‘Criminals Used Digital Yuan to Launder Money’ – Prosecutors
16.1.2024
Source: dule964Adobe Chinese law enforcers say they have shut down a gang that was using digital yuan wallets to launder money. Per the media outlet The Paper, the gang was allegedly active in the Yuecheng District, in the municipality of Shaoxing, Zhejiang Province. The Shaoxing Public Security...
Yuan International Review – Scam or Legitimate Trading Software
12.1.2024
Disclaimer: The text below is an advertorial article that is not part of Cryptonews.com editorial content Yuan International advertises itself as the pinnacle of crypto intelligence software, providing users with a way to engage with the dynamic world of leveraged trading. According to the website...
Number of Chinese CBDC-related Criminal Cases on the Rise
11.1.2024
Source: blackday/Adobe China’s rapid CBDC progress is causing a rise in digital yuan-related criminal cases, including suspected fraud, identity theft, and phishing. Per the Shenzhen Securities Times, a Shanghai court this week convicted a group of criminals that exploited CBDC functions on an...
China Looks to Ramp up ‘Cross-border’ Digital Yuan Spending
1.1.2024
Source: Keitma/Adobe Chinese bank chiefs are looking to start 2024 by driving up “cross-border” digital yuan spending. Per the Haikou Municipal Commerce Bureau (via Hainan News), the tourism hub of Haikou has begun issuing over $706,000 worth of “offshore tax-free coupons” for digital yuan-paying...
China Unveils Digital Yuan Wallet Machine for Foreign Passport Holders
27.12.2023
A person’s hand holding US dollar banknotes at a banking machine. China has launched its first automated digital yuan wallet-opening machine for overseas passport holders. Per 21Jingji, the Bank of China’s Dongguan Branch has installed the machine at the Taiping branch of the Huangpu Customs Hall....
China’s State Administration of Foreign Exchange Cracks Down on $2.2 Billion Crypto Exchange Ring
26.12.2023
The Chinese State Administration of Foreign Exchange (SAFE) has cracked down on an underground bank that used crypto to offer illegal exchange services. The operation, which had over 1,000 bank accounts and a presence in 17 provinces, moved over 15.8 billion yuan ($2.2 billion) to purchase crypto...