A total of three big companies are now reported to be involved in testing the China's digital yuan rollout. Set to become the first major central bank digital currency, it will be tested by food delivery giant Meituan Dianping, ride-hailing firm Didi Chuxing and streaming video platform BiliBili in the experimental rollout of China’s Digital Currency Electronic Payment (DCEP) system.
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Crypto Must-Reads for June 26, 2020
These Are the Crypto Stories You Should Be Following: Bitcoin ends a week-long bear run; China places $14,000 limit on “anonymous” digital yuan transactions; two analyses show bitcoin heading for a big bull market
Sunday ended a bad week for bitcoin, with a dip below $9,000 kept to a brief flirtation—investors hope. But there’s plenty of optimism to go around, as two models predict big bitcoin price increases coming—possibly mirroring or surpassing the 2017 bubble’s $20,000 mark. And China surprised absolutely no one by announcing that it will be tracking large(ish) digital yuan transactions by default.
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CBDCs could be a ‘sea change’ for payments, Bank of International Settlements says
The Bank of International Settlements has come out firmly in favor of central bank digital currencies (CBDCs) in a new report—calling them a potentially evolutionary change that can “set high standards for safety and risk management and serve as a basis for sound innovation in payments.”
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China testing digital yuan in four cities
European and Asian countries have been scrambling to catch up in the race for a digital currency, even as the U.S. drags its heels; annoucement suggests no 2022 Winter Olympics roll-out
The People’s Bank of China (PBoC) said in an April 17 release that its prototype, central bank-issued digital yuan is being put through its paces in Shenzhen, Chengdu, Suzhou, and Xiong’an, which lies about 60 miles from Beijing. It will also be tested at the 2022 Winter Olympics in Beijing.
