A Deutsche Bank report has warned that central bank digital currencies (CBDCs) will replace cash in the long run—and unless the U.S. and Europe step up their game, they could be forced to rely on digital assets rolled out by the likes of Sweden and China.
Huawei promises ‘controllable anonymity’ on new flagship smartphone’s digital yuan hardware wallet
The embattled tech company says that users will ‘benefit’ from privacy features and a ‘safe and convenient payment experience’ on the first smartphone to support the digital currency
Huawei has announced that its new range of smartphones will support hardware wallets for the digital yuan. In a post uploaded to its Weibo page, the tech giant claimed that the Mate 40 is the first device to support China’s upcoming digital currency.
Alibaba’s Jack Ma says switch to a digital currency
The founder of China’s e-commerce giant believes China needs a new financial system based on a digital yuan
Attacking the traditional financial system as too focused on risk prevention, Ma said on Oct. 25 that regulators are stifling opportunity for young people and new economies.
China’s digital yuan will not compete with AliPay or WeChat Pay
Despite threatening an anti-trust investigation this summer, the head of China’s digital currency said it will co-exist with the two dominant mobile payment services
Mu Changchun, the head of the research institute for digital currency at the People’s Bank of China, said that the central bank digital currency won’t compete with the two services, which together hold 94% of the market.