• 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.

  • 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.

  • Deutsche Bank digital currencies
    Cryptocurrencies,  Politics

    “Catch up’ on digital currencies Deutsche Bank warns U.S., EU

    The German bank’s report also explains why Apple Pay has enjoyed substantially less user adoption than its Chinese rival Alipay

    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.

  • digital yuan tests success
    Cryptocurrencies,  Politics

    China calls digital yuan tests a great success

    However the launch of the central bank digital currency will not be soon, as a legal framework still needs to be created

    Speaking at the Hong Kong Fintech Week conference on Nov. 2, Yi Gang, a governor of the people’s Bank of China, said nearly $300 million of digital yuan has been spent in various pilot programs.