Yi gang bitcoins
He added that Bitcoin will not be recognized at the moment as a means of payment by the popular chinese bank. Although China does not reject new technologies, before adopting them they must be thoroughly investigated. On September , China announced the prohibition of ICOs Initial Coin Offering , prohibiting new projects to raise funds through the sale of cryptocurrencies and of which they have even said:. Recently they have also banned their citizens from accessing foreign Exchanges of cryptocurrencies from China. On the other hand, on March 16, the Central Bank of China broke the news of working on the development of a national cryptocurrency , with which they want to ease the sending of fast and safe money between people. The contrast of news for and against cryptocurrencies that can be seen in the Asian continent during these recent months, makes us see that they are not very clear about the way forward.
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Content:
- Why the PBOC Took the Regulatory Lead on Bitcoins
- Bitcoin in China: The RMB is no longer the yuan and only currency
- Bitcoin gets cautious nod from Chinas central bank
- China’s cryptocurrency plan has a powerful partner: Big Brother
- Eswar S. Prasad
- Bank of England takes next steps in digital money plan
Why the PBOC Took the Regulatory Lead on Bitcoins
A spokesperson for China's central bank confirmed to ZDNet on Wednesday that internal trials for digital currency are now underway in Shenzhen, Suzhou, Chengdu, and Xiong'an. The spokesperson did not provide further details on the trials to ZDNet when asked, but the Wall Street Journal reported that civil servants in the Suzhou's Xiangcheng district would receive half of their transport subsidy in the form of digital currency via a smartphone app next month.
Screenshots of a digital currency wallet app made by state-owned Agricultural Bank of China ABC have also been circulating widely online. In the screenshots, the app appeared to allow the sending and receiving of payments, as well as the transferring of funds.
The PBOC has had a digital currency research institute dedicated to the development of digital currency since In September, PBOC governor Yi Gang said the goal of creating a digital currency was to package it with electronic payment instruments and replace a part of cash, but he did not reveal a timetable for its rollout. Mu Changchun, head of the digital currency research institute, reportedly claimed in the same month that the digital currency had the best "legitimacy and security.
He said China has put substantial research and development efforts and placed the project high on its priority list. Hong Kong Bitcoin Association president Leonhard Weese told ZDNet he believes the digital currency is an attempt at making a fast and cheap settlement system for the financial services industry, similar to Hong Kong's Faster Payment System and something that is more user friendly than Europe's Single Euro Payments Area, but he noted it would be different because funds are held directly within the central bank.
He added that most people would probably continue to use WeChat and Alipay's mobile payment solutions, which act as wallets for the People's Bank of China accounts. It breaks the economies of scale of a payment app. Digital currency could 'fundamentally change' the financial system, says Federal Reserve. A Biography of the Pixel, book review: The life and times of 'digital light'. Bank of America will reduce overdraft fees and eliminate others in Western Digital beats Q2 estimates in spite of ongoing supply chain problems.
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Bitcoin in China: The RMB is no longer the yuan and only currency
This week,the Chinese government issued its most direct statement to date on the legitimacy of Bitcoin,the thus-far-unregulated digital currency that has taken China,the United States and other countries by storm in recent months. But,Yi added,people are free to participate in the Bitcoin market and he would personally adopt a long-term perspective on the currency. By midday on Wednesday it was back below 4, renminbi and on Friday it was hovering around 5, renminbi. He stopped short of calling Bitcoin illegal and he explicitly stated that ordinary Chinese citizens retain the freedom to trade in Bitcoins,given its status as a form of online trading.
Bitcoin gets cautious nod from Chinas central bank
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China’s cryptocurrency plan has a powerful partner: Big Brother
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Eswar S. Prasad
China is already testing digital currency in its major cities. Work to improve digital yuan will continue and its design and use will be improved. Already a front-runner in developing central bank digital currencies CBDC , China on Tuesday said that it will continue to develop digital yuan eCNY and improve its design. He was addressing a Bank of Finland event via video conferencing. China is already testing digital yuan in major cities like Shenzhen, Beijing and Shanghai.
Bank of England takes next steps in digital money plan
When Facebook announced plans this year for a cryptocurrency called Libra, it said its goal was to reinvent money for the internet age. China wants to start replacing the cash that people carry with a digital currency soon, a long-discussed project that went into overdrive after Libra was unveiled in June. Facebook has been fighting to defend its initiative against skeptical regulators, and key corporate partners have pulled out of the project. The system emerging in China looks very different from bitcoin and other cryptocurrencies that enthusiasts have championed as tools of emancipation from big banks and governments. For Beijing, Libra has provided another urgent motive for digitising the currency. The idea of a national virtual currency is hardly new. Central bankers in Britain, Singapore and Canada have conducted experiments on how digital tokens might be integrated into the financial system. After that, officials continued to discuss a government-controlled digital currency in speeches and articles, and after Libra was announced, China declared that it was accelerating its efforts.
A spokesperson for China's central bank confirmed to ZDNet on Wednesday that internal trials for digital currency are now underway in Shenzhen, Suzhou, Chengdu, and Xiong'an. The spokesperson did not provide further details on the trials to ZDNet when asked, but the Wall Street Journal reported that civil servants in the Suzhou's Xiangcheng district would receive half of their transport subsidy in the form of digital currency via a smartphone app next month. Screenshots of a digital currency wallet app made by state-owned Agricultural Bank of China ABC have also been circulating widely online. In the screenshots, the app appeared to allow the sending and receiving of payments, as well as the transferring of funds.
The People's Bank of China, the central bank, and the European Central Bank are having "regular technical exchanges" on aspects like design, applications and use of central bank digital currencies or CBDCs. They are part of efforts to promote the development of the international monetary system. The larger goal is to use CBDCs to defuse potential risks that may arise from various privately developed cryptocurrencies such as Bitcoin, analysts said. It will increase interoperability with the existing electronic payment tools, and improve the e-CNY ecosystem. An executive of the ECB said on Friday that central banks have to prepare for a digital future and the digitalization trend requires CBDCs as a complement to cash, foreign media reported. It is similar to Chinese monetary authorities' view that the role of the e-CNY is to replace some cash in circulation, which bears no interest, to reduce competition with commercial banks for deposits.
The Bank of England and the Treasury are to launch a formal consultation on a UK central bank digital currency. This evaluation of the design and possible benefits of a new kind of digital money is a further step towards its possible creation. The currency, for use by households and businesses, would sit alongside cash and bank deposits, rather than replacing them. No decision has been taken on whether to have such a currency in the UK. But the consultation in will form part of a "research and exploration" phase and will help the Bank and government develop the plans over the following few years.
BEIJING AFP - As Facebook readies to launch its answer to bitcoin, China is set to introduce its own digital currency - one that could allow the government and the central bank to see what people spend their money on, according to analysts. Far from the libertarian ideals of cryptocurrencies, whose anonymity allows users to buy and sell without leaving a digital trail, China's mooted e-cash system will be tightly regulated, experts say, and run by the People's Bank of China PBoC , the central bank. It "would give the PBoC greater insight into transactions throughout the country," analysts at Beijing-based research firm Trivium China said in a note.
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