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The Government of Shenzhen will Airdrop $7,500 in Digital Yuan to Lucky Winners

October 9, 2020 by Dalmas Ngetich at Regulation

Residents of Shenzhen are now free to participate in a lucky draw where winners will receive $7,500 of digital yuan airdrops as part of an ongoing campaign dubbed “2020 Rewards for Luohu.” Digital Yuan Campaign in Shenzhen The draw began on Oct 9. Any of the city's 12 million official residents are...

Mastercard Launches a Customizable CBDC Testing Platform

September 10, 2020 by Dalmas Ngetich at Regulation

Mastercard, one of the world’s largest payment network processors, has launched a customizable central bank digital currencies (CBDC) testing platform for banks to access and explore digital currencies as part of their drive to help modernize payment systems according to a press release on Sep 9. A Test Environment to Fast-track...

Chinese Transportation Giant Didi Chuxing to Trial DCEP

China: State-Owned Bank Deactivates Its Digital Yuan Wallet After Widespread Attention

September 1, 2020 by Dalmas Ngetich at Regulation

The Chinese Construction Bank (CCB) -- one of the largest state-owned banks in China, unexpectedly disabled public access of the digital yuan wallet a few hours after a successful soft launch because the feature reportedly drew too much attention according to CoinDesk on Aug 29. Chinese Construction Bank (CCB) deactivates the Digital Yuan...

Rwanda Studies CBDCs To Minimize Transaction Cost and Maximize Output

Digital Yuan Effect? The Federal Reserve Bank of Boston Is Evaluating Over 30 Blockchains for Digital Dollar

August 25, 2020 by Dalmas Ngetich at Regulation

Syncing with one of the hottest trends of the year and building on previous researches, the Federal Reserve Bank of Boston is said to be evaluating over 30 blockchains to determine whether they would support a digital dollar reports CoinDesk on Aug 24. The regional bank is one of the 12...

China: CBDC Trial Focused on Retail Transactions

August 24, 2020 by Anthonia Isichei at Regulation

China’s central bank has stated that the trial of its developing central bank digital currency (CBDC) is currently limited to retail transactions, as against claims stating that the digital yuan was used for large transactions. Digital Yuan Test for Small Transactions In a report by Global Times on Monday (August...

China: Digital Yuan to Be Piloted in More Cities, Policy Design Will Be Completed by End of 2020

August 14, 2020 by Dalmas Ngetich at Regulation

The latest official statement from China’s Commerce Ministry seeking to comprehensively deepen pilot tasks, highlight specific measures, and specify the division of responsibilities for the innovative development of service trade reveals that more cities in the second-largest economy will pilot the digital yuan. This is per the update on Aug 14 further...

China: State Commercial Banks Trial Digital Wallet for CBDC

August 6, 2020 by Anthonia Isichei at Regulation

China’s central bank digital currency could be inching closer to its official launch, as some top state-run commercial banks in the country are reportedly trialing a digital wallet for the national digital currency. Digital Wallet App Used for Payments and Transfer According to Reuters on Thursday (August 6, 2020), the...

Huawei's Blockchain Directory Linking Chinese Government Institutions is Live

Huawei Files for New Blockchain-Based Storage Patents

July 28, 2020 by Dalmas Ngetich at Blockchain

Huawei, the Shenzhen-based provider of telecommunication equipment and seller of consumer electronics, has applied for new blockchain patents for storage purposes. Steaming ahead, Huawei’s filing highlights its desire to stay ahead of competitors and be an innovation leader. A Blockchain Technology Storage Patent As per Global Times on July 28, 2020, Tianyancha—a Chinese...

Chinese Central Bank Partners with E-commerce Giant for CBDC Test

July 15, 2020 by Osato Avan-Nomayo at Regulation

Chinese food delivery and e-commerce giant Meituan Dianping is the latest establishment to trial China’s digital currency electronic payment (DCEP) project; the country’s planned central bank digital currency (CBDC). More Testing for China’s DCEP According to Bloomberg, China’s central bank plans to trial its virtual currency with Beijing-based food delivery...

China National Blockchain Network Goes Live April 2020

People’s Bank of China Pledges to “Accelerate” Blockchain Development, Boost Local Industry

May 14, 2020 by Aisshwarya Tiwari at Blockchain

The Financial Technology Committee of the People’s Bank of China, the country’s national bank, held a meeting this week exploring blockchain technology and making decisions for its regulation within the country. China’s Blockchain Push Reported by local publication Sina News on May 13, the committee was headed by the bank’s...

China Set to Issue CBDC to Government Workers in Suzhou

April 16, 2020 by Anthonia Isichei at Regulation

China’s two-tier central bank digital currency, the digital currency/electronic payment (DC/EP) will be issued to workers in the city of Suzhou in May 2020. The employees will receive part of their upcoming transportation subsidies in DCEP. Employees to Receive China’s CBDC in May According to a report by a local...

Coronavirus Outbreak Causes Delay in China’s CBDC Project

February 26, 2020 by Anthonia Isichei at Blockchain

The coronavirus outbreak is said to hamper China’s plan to launch its central bank digital currency (CBDC) project before the end of Q1 2020. However, officials are reportedly forging ahead with the CBDC plan and are looking to run the pilot test before the end of the year. Coronavirus Affect...

China CBDC Libra Painting Red China Flag

China Advised to Slow Down Its Pace on National Digital Currency

January 28, 2020 by Anthonia Isichei at Regulation

With China reportedly speeding up the development of its national currency, the digital yuan, some researchers and government officials have called on the Chinese government to exercise caution. While Facebook’s Libra might be a threat, there are suggestions that the government should instead work with global regulatory bodies to regulate...

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