China has strengthened efforts to tackle telecommunications and cyberspace fraud by designing restrictions on not only those conducting the fraud, but also those offering bank or online payment accounts for the fraudsters, as a new guideline was issued on Tuesday. The guideline, which comprises joint punishment measures for telecommunications and internet fraud and related crimes, was jointly issued by the …
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 …
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 …
