• Hong Kong embracing digital yuan
    Cryptocurrencies,  Technology

    Hong Kong embracing digital yuan

    The Hong Kong Monetary Authority’s chief executive said it is working with the People’s Bank of China to give the digital yuan a cross-border test

    While Hong Kong is part of China, it is a special administrative region, meaning it has a border and a separate central bank. Which makes it an excellent cross-border test partner for the digital currency China is testing.

  • digital yen help crypto Monex
    Cryptocurrencies,  Politics

    Digital yen will help the crypto space: Financial services giant Monex

    The head of the mainstream financial services firm behind crypto exchange Coincheck believes that CBDCs will make life easier for crypto services

    Monex head Oki Matsumoto said that he appreciates Bank of Japan’s plan to study the development of a digital currency and that he believes it will help the country move toward a more efficient, digitized economy

  • China second digital yuan lottery
    Cryptocurrencies,  Politics,  Regulation

    China launches second lottery to test digital yuan

    China’s central bank will repeat its $1.5 million “red envelope” central bank digital currency program in Suzhou, following the successful run in Shenzhen

    The Shenzhen test acted as both a stress test and a marketing initiative. The City government gave away $1.5 million to 50,000 randomly selected citizens, who each received 200 yuan—about $30—usable at any of the 4,000 merchants who accept the digital yuan. The Suzhou test will include important new features that did not factor into the Shenzhen trials, most notably the ability to pay while offline.

  • Japan experiment digital yen

    Stubborn, cash-loving Japan to experiment with digital yen

    Thirty companies are teaming up for the initiative, which aims to tackle the extremely fractured nature of Japan’s cashless payments market

    Despite the government encouraging shoppers and retailers to embrace electronic forms of money, over 80% of consumers still rely on good old banknotes and coins for smaller purchases. Although adoption is improving among the nation’s young, adoption is happening at a glacial rate. A target has been set to increase cashless settlements to 40% by 2025. That’s hardly ambitious.