digital yuan News and Articles

As of the end of summer 2022, the cumulative volume of e-CNY transactions reached 100.04 billion yuan (~$14 billion), according to the People's Bank of China. For comparison, at the end of 2021, the figure was 87.57 billion yuan (~$13.68 billion), and 261 million unique digital wallets were...

At the end of last year, China and Hong Kong began the second phase of testing the digital version of the yuan (CBDC). To increase the popularity of the token, the People's Bank of China wants to endow it with approximately the same functions that conventional cryptocurrencies have. Transactions...

The digital yuan is primarily intended for the public and merchants, not to replace SWIFT or weaponize the currency. This was stated by the former head of the People's Bank of China Zhou Xiaochuan. The expert emphasized that e-CNY is not necessarily suitable for cross-border payments. For such...

Messaging and social media app WeChat, developed by the tech company Tencent and having over 1 bln users, started the support for China's official digital currency, the electronic yuan. A report by the media hub, TechNode, says that the function is available in 23 regions, including Beijing,...

Many in the US political and business establishment see the digital yuan as a threat to the dollar. That is why the Senate has prepared a bill designed to limit the ability of companies to use the Chinese token (CBDC). Congressmen fear that the digital yuan will not only undermine the dominance of...

US Senate Banking Committee member Pat Toomey urged Treasury Secretary Janet Yellen and Secretary of State Anthony Blinken to look into China's use of the digital yuan at the Olympics. According to him, eCNY poses a threat to the interests of the US economy and national security. The Winter Olympic...

In-app stores for devices based on Android and Apple operating systems, the RMB transaction service ranked first in the number of downloads in China. This program is currently still in the testing phase. However, according to the results of the first week, after the application appeared in the...

The updated financial infrastructure of China and Hong Kong will be based on the digital version of the yuan (CBDC). The parties have already started the second stage of testing this tool, local media reported. Recall that the largest banks and IT companies from the Middle Kingdom also take part in...

Residents of several large Chinese cities will have access to the option to pay for electricity using the digital yuan. In test mode, such an opportunity will appear in Xi'an, Dalian, Beijing, Qingdao, Suzhou, Chengzhu, and Changsha. Test participants will be able to pay for electricity using a...

In the United States, Republican legislators believe that it is necessary to restrict the use of the Chinese digital yuan at the upcoming Beijing Olympics. The senators argued their decision, referring to espionage by the PRC. China announced that the digital yuan is going to be used as part of the...

Passengers of the Beijing subway now can use digital yuan as a payment method. The pilot program was released on Wednesday. As reports the Beijing Municipal Commission of Public Transport at the moment, the option is available at all 24 lines and 4 suburban railway lines in Beijing. Global Times...

The Chinese digital currency (CBDC) has begun to be used as a payment instrument. As TASS clarifies, for the first time the digital yuan was used when buying an air ticket. The token was accepted for payment in Shanghai by Spring Airlines. The ticket, priced at 560 yuan (up to $ 86), was purchased...

The Chinese company Huawei has unveiled a smartphone with a built-in hardware wallet for China's central bank digital currency (CBDC). At a press conference on Friday, October 30, the company announced the release of the Huawei Mate 40 smartphone. Yu Chengdong, Huawei's general manager of consumer...

At the end of last week, the People's Bank of China presented the public with a digital currency regulation (CBDC) bill. Then the regulator announced that the final version of the document would be ready by the end of November. The bill states that the digital yuan will be recognized as the...

The People's Bank of China (PBOC) wants to pass amendments to the current central bank law, which provides for the legalization of the digital yuan but prohibits the circulation of stablecoins pegged to the national currency. On October 23, the CB issued a notice to accept public comment on the...

China ceases rumours of real estate trades with digital yuan. It is sure now that the statements with reference to digital yuan being used to purchase estate are false. From the moment of its appearance, being extremely popular digital yuan has attracted a lot of of users. At the moment, China’s...

The People's Bank of China, with the support of the payment company Alipay, has finished work on the basic functionality of the digital currency and has now focused on preparing laws to regulate its circulation. Indirectly, the transfer of the project to a new stage is indicated by Alipay's...

Financial company Huatai Securities published a report on the details of the payment system and digital currency of the Central Bank of China under development called DCEP (Digital Currency Electronic Payment). “Unlike digital currencies within a decentralized system such as bitcoin, DCEP uses a...