#PBOC

Bitcoin standing outside the Bank of China

China is Already a Digital Economy, so why Introduce a Central Bank Digital Currency?

September 11, 2019 by Ashwath Balakrishnan at Altcoins, News

China has been trending away from cash and toward digital payments for quite some time now. In 2018, 3.8 quadrillion yuan was remitted using plastic cards, cheques, electronic transfers, and other formal methods. According to Bloomberg, September 11, 2019, in the first quarter of 2019, payments apps like AliPay and...

China CBDC Libra Painting Red China Flag

China Confirms its CBDC is Similar to Facebooks Libra

September 7, 2019 by Ashwath Balakrishnan at Altcoins

China's upcoming digital currency is reportedly going to be very similar to Libra in terms of network design, but it will take a more holistic approach to find harmony between money-laundering prevention and anonymous payments. EJ Insight reports that the country initially set up a research team to launch a...

Detailed Analysis of China's Central Bank Digital Currency

China’s Central Bank “Ready” to Launch National Digital Currency

August 12, 2019 by Anthonia Isichei at Finance

An official at China’s central bank recently revealed the central bank's readiness to launch the country’s central bank digital currency (CBDC) according to a report by Shanghai Securities News on August 10, 2019. The CBDC would be issued by the central and commercial banks. Centralized Digital Currency Could Launch Soon Following...

Pro-Blockchain, Anti-Cryptocurrency; China Leads in Blockchain Projects Globally

April 2, 2019 by Tom Nyarunda at Adoption, Blockchain, News

Though China may have banned cryptocurrency trading and initial coin offerings (ICOs), a new report shows that the country leads the world in blockchain projects, accounting for at least 25 percent of all ongoing blockchain projects. This according to an April 2, 2019 report from China.org. A Range Of...

Shenzhen Court Says Bitcoin Should Be Legally Protected as Property

October 28, 2018 by Priyeshu Garg at Bitcoin, Finance, News, Platform, Regulation

An arbitration body in China has ruled that despite the country's central bank's ban on cryptocurrency trading, bitcoin should still be legally protected as a property with economic values, Shenzhen Court announced on their official WeChat account on October 25, 2018. Chinese Court Confirms Bitcoin Protected by Law The Shenzhen...

‘Bitcoin Supporter’ Yi Gang Announced as PBoC Governor

March 22, 2018 by Rahul Nambiampurath at Bitcoin, Finance, News, Regulation

On March 19, 2018, The National People’s Congress of China confirmed that economist Yi Gang would be the next governor of People’s Bank of China (PBoC). Mr. Yi Gang, who obtained his Ph.D. in Economics from the University of Illinois, is due to replace the current governor Zhou Xiaochuan as...

PBoC’s Bitcoin Withdrawal Suspension Serves as Reminder For Wallet Security

February 15, 2017 by Joseph Young at Altcoins, Bitcoin, Commentary, News

On February 9, Huobi and OKCoin, two of the largest bitcoin exchanges in China, officially suspended withdrawals for both bitcoin and Litecoin users in compliance with the demand of the People’s Bank of China (PBoC). In late January, PBoC asked Huobi and OKCoin to overhaul their Anti-Money Laundering (AML) and...

Chinese Exchanges Suspend Withdrawals Due to Regulation

February 9, 2017 by Christoph Bergmann at Bitcoin, News, Regulation

China continues to enforce regulations on Bitcoin. The large exchanges suspend withdrawals of bitcoin and litecoin while implementing anti-money laundering rules, which is announced to need at least a month of time. Also, the central bank meets the other exchanges and gives orders. For several weeks the Chinese central bank,...

PBOC Moves Closer to Digital Currency: BTCManager’s Week in Review January 30

January 30, 2017 by Jamie Holmes at News, News Digest

While Nasdaq successfully tested e-voting on the blockchain, China’s central bank and financial sector are eyeing the blockchain to leapfrog the rest of the world with this technology. The first trial of a blockchain-based system was announced by the PBOC as they hope to capture the 'first-mover advantage' with regards...

PBOC Moves Toward First Central Bank Blockchain Application

January 29, 2017 by Nigel Dollentas at Bitcoin, Finance, News, Tech

The PBOC announced January 27 the completion of a successful trial run for a project regarding a digital bank acceptance exchange, making it the first central bank to come within grasp of testing its digital currency, or digital bill, and putting forward a real application for the blockchain. The trial...

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