Cryptonews Tags Digital Yuan

# Digital Yuan (Page 8)

China Adds More Cities to its Digital Yuan Pilot

More Chinese cities will be added to the nation’s digital yuan pilot – with a rollout edging closer to reality.Per the newspaper the Workers’ Daily, the city of Jinan, Shandong Province, will be added to the pilot area. Also joining the pilot will be Nanning and Fangchenggang in...

Alibaba’s Alipay & Taobao Platform to Launch Digital Yuan Pay Functions

An affiliate of the Chinese tech giant Alibaba has claimed that it will allow customers to pay with the digital yuan on its Taobao e-commerce platform, in addition to the market-leading Alipay e-payments platform.Per Sina Technology, the announcement was made by Li Chen, Chief Compliance Officer of...

Shanghai Readies New Digital Yuan Giveaway

Shanghai, China’s biggest city and most powerful financial hub, is set to give away digital yuan tokens to 7,000,000 residents later this week.Per Yicai, the money – like previous giveaways – will be distributed in digital “red envelopes.” Shanghai residents were asked...

China’s Central Bank Digital Yuan Transactions Surpass $14 Billion

China's digital yuan has processed over 100 billion yuan (~$14 billion) worth of transactions so far, becoming the most widely adopted central bank digital currency (CBDC) across the globe. The e-CNY has recorded $13.9 billion worth of transactions as of August 31, the People’s Bank of...

, by Ruholamin Haqshanas

Crypto News Summary: FTX V2 Announced, Transit Finance Hacker Returning Funds, Dapper Labs Restricts Russian Accounts

Get your daily, bite-sized digest of cryptoasset and blockchain-related news – investigating the stories flying under the radar of today’s crypto news.__________Exchange news A new version of the FTX crypto exchange will go live on November 21, the CEO announced, with an improved...

, by Sead Fadilpašić

Major Chinese City’s Metro Begins Accepting Digital Yuan Payments

The city of Ningbo, in China’s Northeast Zhejiang Province, has announced that all 125 of its metro stations now accept digital yuan payment – as the Chinese central bank digital currency (CBDC) continues its adoption drive.Ningbo has some 9.5 million residents and a busy...

Chinese Parents to Use Digital CNY ‘Smart Contracts’ to Pay for After-school Lessons

A Chinese state-owned commercial bank is set to pilot a digital yuan-powered “smart contract solution” that allows elementary school parents to pay for their children’s education using the e-CNY.The initiative, per the media outlet The Cover, is the brainchild of the Bank of...

Local Tax ‘First’ for Digital Yuan as Pilot Continues to Broaden Scope

Chinese citizens have begun using the digital yuan to pay “inter-city” tax bills – doing away with the need to conduct wire transfers to local tax authorities via banks.Per the China Securities Network and the People’s Daily, the first person to use the digital CNY in...

Ethereum Merge Date Proposed for September, Liquidator Comes for 3AC, US SEC Talks Exemptions + More News

Get your daily, bite-sized digest of cryptoasset and blockchain-related news – investigating the stories flying under the radar of today’s crypto news.__________Blockchain newsEthereum (ETH) developer Tim Beiko proposed September 19th as the tentative date for the long-expected...

, by Sumejja Muratagić-Tadić

Chinese Central Bank May Apply Smart Contract Technology to Digital Yuan

The central People’s Bank of China (PBoC) could be set to make use of smart contracts in its digital yuan project – an indication that blockchain technology could well end up playing a larger role than expected in the e-CNY’s future.Although the Chinese government –...

Chinese Digital Yuan Spending on the Rise Despite COVID-19-induced Slump

Digital yuan usage has grown x18 in the past 12 months in China – as the central bank-issued token continues to find new users.According to the central People’s Bank of China, transaction volumes reached the USD 13 billion mark at the end of last year, with a total of 261 million...

Chinese Banks Launch Automatic Digital Yuan-to-Fiat Conversion Tools

Chinese banks are exploring new methods of enabling digital yuan users to earn interest on their central bank digital currency holdings – with “smart management” tools that can detect when funds have been left idle for long periods of time.The central People’s Bank of...

Alipay Provides Digital Yuan Boost as COVID-19 Deals PBoC Blow

The e-payments giant Alipay, part of the Alibaba business empire, has added an advanced search function for users wishing to use its platform to make payments using the digital yuan within the fast-expanding pilot zone.The e-pay platform had previously added digital CNY pay options late last...

Digital Yuan Now Being Used to Pay Taxes in Chinese Pilot Zones

Some Chinese citizens now appear to be paying their taxes in the digital yuan, with the pilot gathering pace in the nation’s fast-growing pilot area.Per Hangzhou.com, a number of government organs in Zhejiang province are trialing solutions that involve “the online transfer of...

Chinese Man Uses Digital Yuan to Pay Court-issued Fine in Legal First

Chinese media outlets have been reporting on a new first for the digital yuan – with the central bank-issued token used to pay a court-issued fine for the first time.Per Chinaqw, on April 19, a man surnamed Wei, the plaintiff in a motor vehicle traffic accident liability dispute case,...

Ex-Chinese Central Bank Chief Says Digital Yuan Not Intended for International Trade

The former governor of the central People’s Bank of China (PBoC) has reiterated claims that the forthcoming digital yuan has been designed primarily for retail use by domestic and even international users – not for cross-border trade purposes.China has loosely pegged the value of...

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