Topic
TOPIC
- Plans to overhaul legal system will include reforms to ‘overcome shortcomings’ in areas such as AI, cloud computing and online finance
- Regulations have been relatively lax until now to aid the development of the country’s digital economy
A total of 100,000 digital ‘red packets’, each containing 200 yuan (US$31), will be distributed to residents on Thursday via lottery – the latest test of China’s digital sovereign currency.
A total of 100,000 digital ‘red packets’, each containing 200 yuan (US$31), will be distributed to residents on Thursday via lottery – the latest test of China’s digital sovereign currency.
In the 18th edition of the Global Impact newsletter, we focused on what the relentless march of new technology means for the money in your pocket, specifically the outlook for China’s sovereign digital currency and what it hopes to accomplish.
In the 18th edition of the Global Impact newsletter, we focused on what the relentless march of new technology means for the money in your pocket, specifically the outlook for China’s sovereign digital currency and what it hopes to accomplish.
The electric car joint venture between start-up NIO and GAC Group made the announcement on the use of digital currency on Weibo only to withdraw it.
The electric car joint venture between start-up NIO and GAC Group made the announcement on the use of digital currency on Weibo only to withdraw it.
Retirees are keen to adopt new tech and tap into a growing range of mobile services catering to them.
Retirees are keen to adopt new tech and tap into a growing range of mobile services catering to them.
China’s central bank ramps up engagement in latest digital sovereign currency programme, and merchants who were reluctant to participate are seeing how convenient the payment system can be after just a couple of weeks of use.
China’s central bank ramps up engagement in latest digital sovereign currency programme, and merchants who were reluctant to participate are seeing how convenient the payment system can be after just a couple of weeks of use.
Nearly 20,000 orders were placed using the digital yuan during JD.com’s online shopping festival, in Suzhou’s 20 million yuan DCEP test.
Nearly 20,000 orders were placed using the digital yuan during JD.com’s online shopping festival, in Suzhou’s 20 million yuan DCEP test.
Beijing is not seeking to replace existing currencies with its digital yuan, former People’s Bank of Chinagovernor Zhou Xiaochuan tells Shanghai forum.
Beijing is not seeking to replace existing currencies with its digital yuan, former People’s Bank of Chinagovernor Zhou Xiaochuan tells Shanghai forum.
JD Digits will launch a pilot program this month, and customers will pay for certain items with digital yuan.
JD Digits will launch a pilot program this month, and customers will pay for certain items with digital yuan.
Suzhou residents will have the chance to win one of 100,000 digital red packets, each containing 200 yuan (US$31), in the latest trial of China’s sovereign digital currency.
Suzhou residents will have the chance to win one of 100,000 digital red packets, each containing 200 yuan (US$31), in the latest trial of China’s sovereign digital currency.
China’s second-largest lender halted a US$3 billion digital bond programme on the verge of a financial breakthrough, getting cold feet amid scrutiny on fintech and financial risks.
China’s second-largest lender halted a US$3 billion digital bond programme on the verge of a financial breakthrough, getting cold feet amid scrutiny on fintech and financial risks.
China central bank pushes on with bigger digital yuan pilot as it awaits completion of legal framework.
China central bank pushes on with bigger digital yuan pilot as it awaits completion of legal framework.
Former central bank governor Zhou Xiaochuan says China’s digital currency plan is focused on preventing US dollar hegemony and building up domestic retail payments.
Former central bank governor Zhou Xiaochuan says China’s digital currency plan is focused on preventing US dollar hegemony and building up domestic retail payments.
Head of the central bank’s digital currency research institute acknowledges potential problems with digital yuan, but says these reinforce the need for central bank oversight.
Head of the central bank’s digital currency research institute acknowledges potential problems with digital yuan, but says these reinforce the need for central bank oversight.
China’s digital yuan will not compete with private apps like WeChat Pay and Alipay, but it may have to contend with counterfeit digital wallets.
China’s digital yuan will not compete with private apps like WeChat Pay and Alipay, but it may have to contend with counterfeit digital wallets.
Over 47,000 consumers in the Luohu district of Shenzhen spent 8.8 million yuan (US$1.3 million) in 62,000 transactions during a week-long trial of China’s sovereign digital currency.
Over 47,000 consumers in the Luohu district of Shenzhen spent 8.8 million yuan (US$1.3 million) in 62,000 transactions during a week-long trial of China’s sovereign digital currency.
China is testing a sovereign digital currency, but other members of the G20 and the likes of Sweden and Cambodia are also at various stages of research and development.
China is testing a sovereign digital currency, but other members of the G20 and the likes of Sweden and Cambodia are also at various stages of research and development.
Beijing’s plan doubles down on hopes that Shenzhen will become a global leader in technology and finance and a showcase for Xi’s vision of an ideal Chinese society
Beijing’s plan doubles down on hopes that Shenzhen will become a global leader in technology and finance and a showcase for Xi’s vision of an ideal Chinese society
Shenzhen gave away 50,000 digital ‘red packets’ each containing 200 yuan (US$30) in the latest in a series of trials to test and promote China’s new digital yuan.
Shenzhen gave away 50,000 digital ‘red packets’ each containing 200 yuan (US$30) in the latest in a series of trials to test and promote China’s new digital yuan.
Comments come as other major central banks have made inroads on the development of their own sovereign digital currencies, and as China looks to protect itself amid geopolitical tensions with the United States.
Comments come as other major central banks have made inroads on the development of their own sovereign digital currencies, and as China looks to protect itself amid geopolitical tensions with the United States.
Despite China being a world leader in testing its own digital sovereign currency, the People’s Bank of China was conspicuously absent from an international group discussion on global digital currency principles.
Despite China being a world leader in testing its own digital sovereign currency, the People’s Bank of China was conspicuously absent from an international group discussion on global digital currency principles.
Distribution of China’s sovereign digital currency via 50,000 digital ‘red packets’ in Shenzhen is latest move in a series of trials across the country, but an official roll-out date has still not been announced.
Distribution of China’s sovereign digital currency via 50,000 digital ‘red packets’ in Shenzhen is latest move in a series of trials across the country, but an official roll-out date has still not been announced.
China’s digital currency can soon be used to buy toys, including ones based on popular anime series One Piece and Detective Conan, from Japanese vending machines.
China’s digital currency can soon be used to buy toys, including ones based on popular anime series One Piece and Detective Conan, from Japanese vending machines.
The People’s Bank of China is developing its own e-yuan as it seeks to hasten the transformation of China’s economy.
The People’s Bank of China is developing its own e-yuan as it seeks to hasten the transformation of China’s economy.
The European Central Bank (ECB) appears to have moved a step closer to joining China in creating a sovereign digital currency.
The European Central Bank (ECB) appears to have moved a step closer to joining China in creating a sovereign digital currency.
Trading of cryptocurrencies is illegal in China, but authorities say gangs running illegal gambling operations are using digital currencies to collect and transfer funds abroad.
Trading of cryptocurrencies is illegal in China, but authorities say gangs running illegal gambling operations are using digital currencies to collect and transfer funds abroad.
Economic rivalry between the United States and China has given rise to the need to create a new currency standard to replace the fiat money system, economist Raymond Yeung writes in his new book.
Economic rivalry between the United States and China has given rise to the need to create a new currency standard to replace the fiat money system, economist Raymond Yeung writes in his new book.
Beijing’s ambition to create a digital yuan used globally underscores its attempts to prepare for the future of the international monetary system amid economic decoupling with the United States.
Beijing’s ambition to create a digital yuan used globally underscores its attempts to prepare for the future of the international monetary system amid economic decoupling with the United States.
The emerging threat to the global hegemony of the US dollar is e-currencies, and Beijing’s huge head start could put it in control of the world’s financial structure
The emerging threat to the global hegemony of the US dollar is e-currencies, and Beijing’s huge head start could put it in control of the world’s financial structure
Testing of digital yuan will expand in coming months as China also seeks to internationalise its currency to help offset threat of US sanctions cutting Chinese financial institutions off from dollar payment system.
Testing of digital yuan will expand in coming months as China also seeks to internationalise its currency to help offset threat of US sanctions cutting Chinese financial institutions off from dollar payment system.
Mainland China is trialling a digital yuan that in a matter of years seems certain to do away with bulging pockets and purses full of change. But mastering digital technology can be difficult for the elderly, especially in one of the world’s fastest-ageing populations.
New money system to be set up by Beijing will be convenient for the public, make life harder for criminals and may help counter US dollar dominance