Fast forward on the path to digital RMB in globalized and networked era
7 months, 1 week ago

Fast forward on the path to digital RMB in globalized and networked era

China Daily  

A staff member demonstrates the payment with China's digital yuan, or the e-CNY, during the first Global Digital Trade Expo in Hangzhou, East China's Zhejiang province, Dec 12, 2022. The issuance and circulation of digital currencies, especially sovereign digital currencies authorized by central banks, will profoundly change the existing international monetary, clearing and settlement, and financial systems. As a digital currency issued by China's central bank, the digital renminbi boasts of a solid credit endorsement, huge user base, solid user habit and leading theoretical framework. In a globalized, digital, and networked era, China should actively participate in the making of international rules and standards for digital currencies, strengthen the sharing, exchanges and cooperation in the research and development and supervision of various digital currencies, actively and steadily promote the popularization of the digital renminbi at home and abroad, and promote the construction of related global infrastructure, to make economic globalization more open, inclusive, balanced and beneficial to all. On the other hand, China should effectively promote institutional innovation, technological innovation, and capability innovation in financial and monetary supervision, digital RMB issuance and circulation supervision, and strengthen its monitoring to combat financial crimes such as money laundering and underground finance, financial fraud, as well as capital flight.

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History of this topic

De-dollarization debate: The US-led West should rethink its dollar diplomacy
1 month ago

De-dollarization debate: The US-led West should rethink its dollar diplomacy

Live Mint  

Amid the recent maelstrom of political news was an important development for the future of technology-enabled public money. Conceived in 2022 as a clearing-house for central-bank digital currencies, mBridge had anchored the BIS’s own work towards a global interbank settlement system to connect CBDCs beyond the control of any single government. It was intermediated private money that exported Western rules …

IATA to allow digital RMB in settlement system
Trending News
1 month, 3 weeks ago

IATA to allow digital RMB in settlement system

China Daily  

China is an extremely important market for the International Air Transport Association, and the IATA will continue to strengthen its presence in the Chinese and North Asian markets, a senior official of the association said in Beijing this week. The association said it would offer digital currencies in the settlement system that it operates for the aviation industry, and the …

IATA to allow digital RMB in settlement system
Top News
1 month, 3 weeks ago

IATA to allow digital RMB in settlement system

China Daily  

By ZHU WENQIAN | China Daily | Updated: 2024-11-21 09:55 China is an extremely important market for the International Air Transport Association, and the IATA will continue to strengthen its presence in the Chinese and North Asian markets, a senior official of the association said in Beijing this week. The association said it would offer digital currencies in the settlement …

IATA to allow digital RMB in settlement system
Top News
1 month, 3 weeks ago

IATA to allow digital RMB in settlement system

China Daily  

China is an extremely important market for the International Air Transport Association, and the IATA will continue to strengthen its presence in the Chinese and North Asian markets, a senior official of the association said in Beijing this week. The association said it would offer digital currencies in the settlement system that it operates for the aviation industry, and the …

Country to help digital economy to thrive
6 months ago

Country to help digital economy to thrive

China Daily  

A visitor tries out a 3D camera during the Global Digital Economy Conference 2024 in Beijing, July 2, 2024. China will employ a raft of well-focused policy steps to foster a more enabling climate for the development of the digital economy, the State Council, the country's Cabinet, said on Friday. China's total data output reached 32.85 zettabytes in 2023, up …

Qingdao FTZ pioneers digital RMB in cross-border payments
6 months, 2 weeks ago

Qingdao FTZ pioneers digital RMB in cross-border payments

China Daily  

Recently, Qingdao Port International Logistics Co. in the Qingdao Area of the China Pilot Free Trade Zone completed the first transaction using multilateral central bank digital currency bridge for digital RMB settlement, marking a significant milestone in cross-border payments for digital RMB. To enhance payment security and diversify payment channels, Bank of Communications Qingdao Branch employs multilateral central bank digital …

Shanghai aims to be currency-friendly for visitors
6 months, 2 weeks ago

Shanghai aims to be currency-friendly for visitors

China Daily  

Shanghai's foreign currency exchange service points have achieved full coverage in 16 districts, distributing in airports, star-rated hotels, commercial districts, and tourist hubs. As of June 11, the city has an extensive foreign currency exchange network, comprising 20 franchised institutions, 200 agencies, 80 self-service machines, and more than 3,000 bank branches, in addition to almost 9,000 ATMs that allow foreign …

GBA poised to gain from RMB milestone
6 months, 4 weeks ago

GBA poised to gain from RMB milestone

China Daily  

This aerial photo shows the Hong Kong-Zhuhai-Macao Bridge in South China. Cross-border renminbi transactions in South China's Guangdong province reached a record high of 7.39 trillion yuan in 2023, up 25.1 percent from the previous year, according to data from the provincial government. Central to this effort has been the enhancement of financial market connectivity, which emphasizes expanding cross-border investment …

Chinese currency moves closer to fuller usage, internationalization
7 months, 1 week ago

Chinese currency moves closer to fuller usage, internationalization

China Daily  

A worker counts Chinese currency renminbi at a bank in Linyi, East China's Shandong province. The renminbi has further emerged as an international currency, with widespread usage of the currency seen in cross-border trade settlements, yet the process still faces prominent challenges of trading partners' reluctance to accept the Chinese currency and policy complexity, a think tank said in a …

De-weaponizing the dollar
11 months ago

De-weaponizing the dollar

China Daily  

BRICS is spearheading a new cross-border payment system using digital currencies to break away from Western dominance WANG XIAOYING/CHINA DAILY The United Arab Emirates and China completed the first cross-border payment using the digital dirham on Jan 30. The fact that the most advanced technology for using digital currencies has been created in developing countries illustrates that countries in the …

Cross-border renminbi payments exceed 4 trillion yuan in Shenzhen
11 months, 3 weeks ago

Cross-border renminbi payments exceed 4 trillion yuan in Shenzhen

China Daily  

Chinese 100 yuan banknotes are seen in a counting machine at a bank in Beijing, China. Renminbi transactions between Shenzhen and Hong Kong surged more than one-third on a yearly basis to 3.5 trillion yuan, accounting for about 58.3 percent of the total cross-border currency transactions between the two cities. In cooperation with Octopus Cards Ltd — Hong Kong's major …

Cross-border renminbi payments exceed 4 trillion yuan in Shenzhen
11 months, 3 weeks ago

Cross-border renminbi payments exceed 4 trillion yuan in Shenzhen

China Daily  

Chinese 100 yuan banknotes are seen in a counting machine at a bank in Beijing, China. Renminbi transactions between Shenzhen and Hong Kong surged more than one-third on a yearly basis to 3.5 trillion yuan, accounting for about 58.3 percent of the total cross-border currency transactions between the two cities. In cooperation with Octopus Cards Ltd — Hong Kong's major …

New e-CNY feature to benefit foreigners
1 year, 1 month ago

New e-CNY feature to benefit foreigners

China Daily  

China has upgraded its digital renminbi payment services as part of the country's efforts to improve the profile of its digital currency and make the payment process more user-friendly for foreigners. The newly launched "recharge before use" feature on the e-CNY app allows foreigners to replenish the wallet of the app using online services of global payment networks Visa and …

Digital Rupee CBDC RBI Governor Shaktikanta Das Can Prove To Be Game Changer For Cross-Border Payments:
1 year, 4 months ago

Digital Rupee CBDC RBI Governor Shaktikanta Das Can Prove To Be Game Changer For Cross-Border Payments:

ABP News  

In a recent keynote address at the G20 TechSprint Finale, Reserve Bank of India Governor Shaktikanta Das drew attention to the challenges surrounding cross-border payments, emphasising the issues of high costs and slow transaction speeds. Das indicated that the central bank digital currency — dubbed Digital Rupee — instant-settlement feature could offer a viable solution to these challenges. Despite advancements …

China's digital currency raises concern as wages of thousands of public servants moves to e-CNY
1 year, 7 months ago

China's digital currency raises concern as wages of thousands of public servants moves to e-CNY

ABC  

Starting this month, thousands of workers in a Chinese city will be paid their wages entirely in digital yuan, in what has been described by the central government as a "milestone" for the currency. Key points: The digital currency was first trialled in 2019 and is now able to be used in 26 cities across 17 provinces Authorities have been …

Digital yuan to be used in Jiangsu education system
1 year, 8 months ago

Digital yuan to be used in Jiangsu education system

China Daily  

Jiangsu province will encourage the use of the digital yuan, or e-CNY, in its education system and strive to establish a convenient and efficient operation management system by the end of 2025, according to the Jiangsu Education Department. By December, students in Jiangsu will probably pay tuition fees, examination registration fees and receive scholarships in digital yuan, according to a …

Central bank digital currency simplest fix for banking
1 year, 9 months ago

Central bank digital currency simplest fix for banking

China Daily  

Last year, the Nobel Prize in Economics went to two economists who study the dynamics of bank runs, as well as to former US Federal Reserve chair Ben Bernanke for his work analyzing how central banks have dealt with some of history's worst banking crises, such as those in the Great Depression of the 1930s. A country's monetary authority could …

Digital currency to further bolster digital economy, make payment system more efficient: RBI
1 year, 11 months ago

Digital currency to further bolster digital economy, make payment system more efficient: RBI

India TV News  

RBI Executive Director Ajay Kumar Choudhary on Wednesday the digital currency will further bolster the digital economy, make the payment system more efficient and reduce the cost involved in physical cash management. Central Bank Digital Currency The RBI has already launched pilots of CBDC in wholesale and retail segments last year. He said the key motivation for exploring the issuance …

Digital rupee not the magic bullet Central government is hoping for
2 years ago

Digital rupee not the magic bullet Central government is hoping for

The Hindu  

Published : Dec 29, 2022 10:30 IST In recent times, the financial world has been in a state of excitement after the Reserve Bank of India announced the launch of the pilot for a retail digital rupee on December 1. Crypto gamble It is to be noted that with the threat of cryptocurrency, which began with Bitcoin in 2009, now …

Time is right for a digital rupee
2 years, 1 month ago

Time is right for a digital rupee

Hindustan Times  

Starting this month, the Reserve Bank of India will begin a pilot project that will put a digital rupee, or e ₹, in the hands of individuals. In simple terms, a CBDC is the closest virtual equivalent of cash with the liability for its value resting directly with the central bank, instead of — as is the case at present …

China vows privacy, information protection in using digital yuan
2 years, 5 months ago

China vows privacy, information protection in using digital yuan

The Hindu  

China will fully respect privacy and protect personal information in using the digital yuan, state media quoted a senior central bank official as saying on Sunday, as Beijing encourages greater adoption of e-CNY. Limited anonymity is a key feature of the digital yuan, Mu Changchun, director-general of the central bank’s Digital Currency Research Institute said, noting it ensures reasonable anonymous …

China uses digital yuan to stimulate virus-hit consumption
2 years, 7 months ago

China uses digital yuan to stimulate virus-hit consumption

The Hindu  

China is using the digital yuan to stimulate consumption in its pandemic-hit economy, with more e-CNY applications expected in future to boost transparency and effectiveness of government policies. The southern city of Shenzhen started distributing 30 million yuan worth of free digital cash on Monday to revive consumption and aid businesses. It comes days after Xiong'an New Area in northern …

Gains from new financial standards plan foreseen
2 years, 11 months ago

Gains from new financial standards plan foreseen

China Daily  

A new plan to advance standardization in the financial sector during the 14th Five-Year Plan period will facilitate the high-quality development of China's financial services industry. A new plan to advance standardization in the financial sector during the 14th Five-Year Plan period will facilitate the high-quality development of China's financial services industry and help improve the development efficiency of the …

China’s digital yuan shows why we still need cryptocurrencies like bitcoin
2 years, 11 months ago

China’s digital yuan shows why we still need cryptocurrencies like bitcoin

CNN  

Editor’s Note: Emily Parker is an executive director at CoinDesk, a former policy advisor at the US State Department and writer/editor at The Wall Street Journal. China’s digital yuan is poised to make its debut on the global stage this week, with foreign athletes and others at the Beijing Olympics able to use it for the first time. Fanusie said …

Will the US Dollar’s Dominance Last?
2 years, 11 months ago

Will the US Dollar’s Dominance Last?

The Diplomat  

When it comes to embracing the digital currency revolution, the United States is beginning to fall behind China and a number of other countries. For the U.S. Federal Reserve to be especially cautious about delving into central bank digital currencies is hardly surprising, and the Fed has every reason to be careful, given the U.S. dollar’s international standing as a …

China central bank launches digital yuan wallet apps for Android, iOS
3 years ago

China central bank launches digital yuan wallet apps for Android, iOS

The Hindu  

China has released pilot versions of its digital yuan wallet application on mobile phone app stores as the country's central bank steps up its push to develop its own digital currency. The "e-CNY " app, developed by the People's Bank of China's digital currency research institute, was available for download on Chinese Android and Apple app stores on Tuesday in …

China’s digital currency challenge: Winning hearts and minds
3 years, 1 month ago

China’s digital currency challenge: Winning hearts and minds

Live Mint  

China has convinced financial policy makers everywhere of its resolve to create a digital version of its currency, even helping to spur the Federal Reserve to study developing an electronic version of the dollar. Two payment services—Ant Group Co.’s Alipay and the pay function within Tencent Holdings Ltd.’s WeChat app—have already transformed urban China into a seemingly cashless society in …

$9.5 billion spent using Chinese central bank's digital currency
3 years, 2 months ago

$9.5 billion spent using Chinese central bank's digital currency

The Hindu  

Some 140 million people had opened "wallets" for China's new digital yuan as of October and used it for transactions totalling around 62 billion yuan, a senior Chinese central bank official said on Wednesday. However, Mu Changchun, the director-general of the digital currency institute of the People's Bank of China, told HongKong's "Fintech Week" conference there was no official launch …

Controversies on Trials of Digital RMB by China’s Central Bank: Policy Options (No.240, 2021)
3 years, 2 months ago

Controversies on Trials of Digital RMB by China’s Central Bank: Policy Options (No.240, 2021)

China Daily  

Controversies on Trials of Digital RMB by China’s Central Bank: Policy Options 2021-10-29 By Chen Daofu & Zhang Jiaming, Research Institute of Finance, DRC Research Report, No.240, 2021 2021-9-2 Abstract: The pilot research and development of digital currency made by China’s central bank, the People’s Bank of China，is among the top list of the world, the performance of which has …

China flooding exposed risks in Beijing’s plan to launch digital currency
3 years, 2 months ago

China flooding exposed risks in Beijing’s plan to launch digital currency

Live Mint  

When flooding inundated a central Chinese metropolis over the summer, the calamity dented a key plank of the country’s much-watched bid to replace paper money with digital currency: reliability. The central bank says the e-CNY—the digital yuan’s official name—had been tested in more than 70 million real-world transactions since early 2020, with no sign of major snafus in the technology. …

EXPLAINED: How RBI's Digital Currency Matters, And Why It Won't Be Like Bitcoin
3 years, 4 months ago

EXPLAINED: How RBI's Digital Currency Matters, And Why It Won't Be Like Bitcoin

News 18  

Come December and the Reserve Bank of India could be rolling out a pilot for India’s very own digital currency, an innovation that is tipped to change how currency is held and used in the time to come. Known as central bank digital currencies, these will, in fact, be much like the current system, although the underlying structure, founded on …

RBI May Consider Trials For Digital Rupee By December, Says Governor Shaktikanta Das
3 years, 4 months ago

RBI May Consider Trials For Digital Rupee By December, Says Governor Shaktikanta Das

ABP News  

New Delhi: In its attempt to implement digital currency, the Reserve Bank of India has been working on a phased implementation strategy and the pilot may be expected by the end of this year. In an interview with CNBC, RBI Governor Shaktikanta Das said, “The Reserve Bank of India may launch its first digital currency trial programs by December." Das …

Opinion: Central bank digital currencies are coming. The US must be prepared
3 years, 4 months ago

Opinion: Central bank digital currencies are coming. The US must be prepared

CNN  

Editor’s Note: Emily Parker is managing director at CoinDesk and a former policy advisor at the US State Department and writer/editor at The Wall Street Journal. Meanwhile, the rise of another type of digital currency has gotten far less attention: central bank digital currencies. According to the think tank Atlantic Council, 81 countries, which account for over 90% of the …

Central bank to expand trials of digital RMB
3 years, 6 months ago

Central bank to expand trials of digital RMB

China Daily  

Visitors at the booth of Digital Currency Institute of the People's Bank of China during the China International Fair for Trade in Services on Sept 6. ZHAN MIN/FOR CHINA DAILY Analysts predict that China's e-currency could be in circulation as early as 2022 China's monetary authorities will designate more payment service institutions to develop digital RMB electronic wallets with complicated …

China digital currency trials show threat to Alipay
3 years, 8 months ago

China digital currency trials show threat to Alipay

The Hindu  

In China's commercial hub Shanghai, six big state banks are quietly promoting digital yuan ahead of a May 5 shopping festival, carrying out a political mandate to provide consumers with a payment alternative to Alipay and WeChat Pay. "People will realise that digital yuan payment is so convenient that I don't have to rely on Alipay or WeChat Pay anymore," …

Japan's central bank kicks off experiments on issuing digital currency
3 years, 9 months ago

Japan's central bank kicks off experiments on issuing digital currency

The Hindu  

The Bank of Japan began experiments on Monday to study the feasibility of issuing its own digital currency, joining efforts by other central banks that are aiming to match the innovation in the field achieved by the private sector. The first phase of experiments, to be carried out until March 2022, will focus on testing the technical feasibility of issuing, …

The Hindu Explains | How does China’s digital currency work?
3 years, 9 months ago

The Hindu Explains | How does China’s digital currency work?

The Hindu  

The story so far: China in February launched the latest round of pilot trials of its new digital currency, with reported plans of a major roll-out by the end of the year and ahead of the Winter Olympics in Beijing in February 2022. Officially titled the Digital Currency Electronic Payment, the digital RMB is, as its name suggests, a digital …

How China's Digital Currency will change online payments | The Hindu In Focus Podcast
3 years, 9 months ago

How China's Digital Currency will change online payments | The Hindu In Focus Podcast

The Hindu  

In this episode, we look at China's plans for a Digital Currency, officially titled the Digital Currency Electronic Payment, also known as the digital RMB. In February, the People's Bank of China launched the latest round of pilot trials, with reported plans of a major roll-out by the end of the year ahead of the February Winter Olympics in Beijing. …

Revised bank law set to give green light to digital RMB
4 years, 2 months ago

Revised bank law set to give green light to digital RMB

China Daily  

China's central bank is revising a law to make way for issuing the country's digital currency, and the public will be able to exchange the new type of money only at certain qualified commercial banks, according to officials and analysts. Revising the central bank law confirmed that the digital renminbi will become legal tender, having the same legal position and …

Fed chief says, more important for U.S. to get digital currency right than be first
4 years, 2 months ago

Fed chief says, more important for U.S. to get digital currency right than be first

The Hindu  

In any development of a cross-border digital currency, it is more important for the United States “to get it right than be first,” U.S. Federal Reserve Chair Jerome Powell said on Monday. “We do think it's more important to get it right than to be first and getting it right means that we not only look at the potential benefits …

China gives $1.5 million worth digital yuan to select citizens
4 years, 2 months ago

China gives $1.5 million worth digital yuan to select citizens

The Hindu  

China's experimental $1.5 million giveaway of digital yuan to Shenzhen citizens ended on Sunday with acclaim from currency analysts - and scepticism from some users saying they preferred existing shopping tools like the ubiquitous Alipay app. He said whether ordinary people would shop with digital yuan rather than mobile phone-based payment platforms like WeChat or Alipay “all comes down to …

Chinese central bank to give away 10 million in digital currency in first public trial of new payment system
4 years, 3 months ago

Chinese central bank to give away 10 million in digital currency in first public trial of new payment system

ABC  

China's central bank will issue 10 million yuan of digital currency to 50,000 randomly selected consumers in what some see as the country's first public test of the digital yuan payment system. Key points: The campaign comes as central banks worldwide race to modernise payment systems Any individuals in China's southern city of Shenzhen can apply through the country's big …

China's central bank pledges continued opening-up of financial industry
4 years, 5 months ago

China's central bank pledges continued opening-up of financial industry

China Daily  

The People's Bank of China, the central bank, said on Aug 3 that it will resolutely push forward the opening-up of the country's financial industry in a sound and orderly manner. It will promote a full implementation of the foreign investment administration model of pre-establishment national treatment plus negative list, advance the internationalization of the renminbi and capital account convertibility …

China’s digital yuan gets first major test with tech giant Didi
4 years, 6 months ago

China’s digital yuan gets first major test with tech giant Didi

Live Mint  

Ride-hailing giant Didi Chuxing is testing China’s digital cash as a payment method on its platform, in what could be one of the first real-world applications of the electronic version of the yuan. The SoftBank Group Corp.-backed startup said on Wednesday it’s working with a research wing of the People’s Bank of China on uses for the virtual legal tender …

Notes on a digital currency plan, made in China
4 years, 7 months ago

Notes on a digital currency plan, made in China

The Hindu  

While the world is grappling with the fallout of COVID-19 and speculating on how far China can be blamed for the pandemic, a silent digital revolution is taking place in China. To intensively advance the trial work of fintech innovation regulation, the PBoC supports the expansion of the pilot program to cover the cities of Shanghai, Chongqing, Shenzhen, Hangzhou, Suzhou, …

China To Test Digital Currency. Could It End Up Challenging The Dollar Globally?
4 years, 11 months ago

China To Test Digital Currency. Could It End Up Challenging The Dollar Globally?

NPR  

China To Test Digital Currency. Now China's central bank is preparing to test a digital currency. China's central bank worried that if nearly 2.5 billion Facebook users suddenly had their own electronic currency, China's digital money could be left in the dust. Sponsor Message "Actually, the term that the central bank officials in China have used is 'controllable anonymity,' which …

China to soon launch its own cryptocurrency
5 years, 4 months ago

China to soon launch its own cryptocurrency

Live Mint  

The People’s Bank of China is “close” to issuing its own cryptocurrency, according to a senior official. The bank’s researchers have been working intensively since last year to develop systems, and the cryptocurrency is “close to being out,” Mu Changchun, deputy director of the PBoC’s payments department, said at an event held by China Finance 40 Forum over the weekend …

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