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The Hong Kong Monetary Authority (HKMA) alerts the public about fraudulent websites and phishing messages linked to Bank of China (Hong Kong). (Read More)
Hong Kong Monetary Authority alerts public about phishing scams involving fake instant messages related to Bank of China (Hong Kong) Limited. (Read More)
The Hong Kong Monetary Authority revealed the results of the Peoples Bank of China RMB Bills tender held on June 19, 2024. (Read More)
The Chinese CBDCs controllable anonymity seems to be very highly controlled.
While Hong Kong residents can sign up for a digital yuan wallet with a phone number, the CBDC is currently restricted to cross-border transactions and cannot be used for person-to-person transfers within Hong Kong.
The team behind CNHC Group, the issuer of CNHC, a stablecoin pegged to the offshore yuan, and HKDC, one tied to the Hong Kong dollar, was arrested in Shanghai, according to a local news outlet, PANews. CNHC Group has been renamed to Trust Reserve.
The team was reportedly taken away from their company building in Pudong, Shanghai, by police officers and was detained. According to PANews, which visited the offices of CNHC, the premises had a notice written 'Judicial Seizure, Strictly No Vandalism' signed on May 25.
As of press time, Finance Magnates is yet to get a response from CNHC Group about the development and will update this story once new information is available.
Chinese Yuan Stablecoin Issuer
CNHC stablecoin is fully backed at a 1:1 ratio to the CNH, the Chinese offshore yuan traded outside Mainland China. In March, cryptocurrency exchange KuCoin, through its investment arm KuCoin Ventures, led a $10m funding round for CNHC Group.
Technically, CNHC is based on two blockchain networks, Ethereum and Conflux, the latter being an Ethereum-compatible blockchain built for cross-border applications and cross-chain operability. Conflux operates in China and has partnered with China Telecom in a blockchain-integrated sim card project.
China Continues Crackdown on Digital Assets
China has imposed a ban on cryptocurrencies in stark contrast to Hong Kong, which is re-establishing itself as a digital assets and financial services hub. In October, the regulators in Hong Kong said they were working to introduce proper regulations governing digital assets similar to those in the traditional financial space.
On the other hand, Beijing is working on a central bank digital currency (CBDC), also known as the Digital Yuan, as an alternative to cryptocurrencies and the underlying blockchain technology. With China marking major milestones with its Digital Yuan pilot, the once-booming crypto industry continue to face facing tougher regulations.
Moreover, China is creating a two-tier distribution system involving the People’s Bank of China and commercial banks to distribute the Digital Yuan. The arrangements would see the apex monetary authority distribute the CBDC to commercial banks, allowing customers to convert their fiat currencies to the digital currency.
Options' Paris office; BidX's new Liquidity Manager; read today's news nuggets.
This article was written by Jared Kirui at www.financemagnates.com.
Several Chinese banks have been seeking to offer services to crypto firms in Hong Kong, despite a ban on crypto on the Chinese mainland.
China was one of the first nations to start working on its CBDCs. However, despite the completion of its development, the government is yet to officially launch the CBDC.
As the pilot program for China’s central bank digital currency (CBDC) — the digital yuan — takes off, Chinese business travelers will reportedly be able to pay for flight tickets using the CBDC. A collaboration between the China Merchants Bank and the Civil Aviation Administration of China led to the introduction of a digital yuan [...]
The post Digital yuan integration introduced to Chinese business air travel appeared first on Crypto Breaking News.
The United States should lead the development of Central Bank Digital Currencies (CBDCs) away from being “surveillance coins” and towards being “freedom coins,” says the former chair of the Commodity Futures Trading Commission (CFTC). In a Mar. 13 op-ed in The Hill, Christopher Giancarlo, nicknamed “Crypto Dad” for his pro-crypto outlook, said the U.S. “must [...]
The post CBDCs should protect privacy, not be a surveillance tool: Former CFTC chair appeared first on Crypto Breaking News.
The proposed overhaul of the financial sector will consolidate oversight of financial institutions under a new state administration.
WeChat Pay has integrated the digital yuan app, driving the adoption of the CBDC among its 1 billion users.
China's Central Bank Digital Currency (CBDC) now supports smart contracts. Soochow Securities' mobile app allows e-CNY purchases. Android phones may now perform contactless digital yuan wallet payments. (Read More)
The largest CBDC pilot in the world is going to expand on citizen payments and cross-border operations with Hong Kong.
China’s digital yuan - also known as e-CNY or digital RMB - is bound to be available in 23 cities, but is already fully operating in 12.
Continue reading China to Accept Digital Yuan on Public Transport in 12 Cities at DailyCoin.com.
China has expanded its central bank digital currency pilot program to include the payment of tax, stamp duty and social security.
“We solemnly call on consumers to [...] be vigilant and stay away from NFT-related illegal financial activities,” said the associations.
Chinese tech colossus Tencent has continued its foray into the metaverse after filing a patent for virtual concerts, flying in the face of warnings from Chinese banks and regulators.
Bitcoin and nonfungible tokens are all over the Olympics this year while China’s CBDC is there too amid a controversial rollout.
Apparently, the People’s Bank Of China is considering using blockchain technology to power the Digital Yuan CBDC. The coin, also known as Digital renminbi or digital RMB, has been in beta-testing for a while now. However, Di Gang, deputy director of the Digital Currency Institute of the People’s Bank of China, recently presented an extensive report on blockchain technology. It was at “the 18th annual global meeting of the International Finance Forum (IFF) on Dec. 5,” and Chinese journalist Colin Wu translated the main points for us to analyze. Related Reading | How Samsung Will Help The Bank Of Korea With CBDC Development Before we do that, let’s consider this. Their CBDC is a completely centralized affair. Why would the People’s Bank Of China use a blockchain? In other words, why would China need a blockchain for its CBDC if its aim is not decentralization or censorship resistance? A centralized database is orders of magnitude more efficient than a blockchain. And it doesn’t need mining to validate transactions, nor PoW or PoS to reach consensus. Let’s dive into the report and see if we can find answers to these questions. What Does The People’s Bank Of China Think About Blockchain Tech? The report begins with stats and a survey’s results: “According to Di Gang, 2021, the results of blockchain research conducted by relevant consulting organizations for ten countries, including the United States, the United Kingdom, Singapore, Germany, China and Japan, show that 81% of the institutions surveyed believe that blockchain technology is widely scalable and is being adopted by the mainstream, with the percentage of financial institutions agreeing with it being as high as 84%, and all the global financial institutions surveyed have made blockchain an an imperative strategic priority.” Notice that they talk about belief and about making blockchain a priority, but not about actual usage among traditional financial institutions. The report does go on to say that “A research institute in September 2021, research on the use of blockchain by the global TOP 100 listed institutions shows that 81 institutions are using blockchain technology,” but no source is given. Where are those projects? Are they still in development? Then, Di Gang claims: “Blockchain landing achievements are increasing and playing more and more value advantages; on the other hand, blockchain technology has realized landing in cross-border payment, supply chain finance, agricultural finance, trade finance, inclusive finance, social city, “three rural areas”, people’s livelihood, etc.” Are these crypto-projects, government-related, or traditional finance projects? The report doesn’t specify, so we can’t know their characteristics. Then, Di Gang says “Some large international financial institutions are also actively expanding blockchain application scenarios, including trade finance, information sharing, foreign exchange trading, equity trading, etc.” Why do those institutions need a blockchain to do all that? Does The Digital RMB Or Digital Yuan Need a Blockchain? Apparently, it does. And the Numerical Research Institute is already working on an implementation: “First, a unified distributed ledger was built in the digital RMB system based on blockchain technology. The central bank acts as a trusted institution to upload the transaction data onto the chain to guarantee the authenticity and reliability of the data, and the operating institutions can conduct cross-institutional reconciliation, collective maintenance of the ledger, multi-point backup, etc.” The Institute wants to build a “blockchain platform for trade finance, with the goal of penetratable information, transferable trust and shareable credit, and to complete the construction of a blockchain-based trade finance ecosystem.” Relationship betwwen the US Dollar and the Chinese Yuan via FXCM | Source: USD/CNH on TradingView.com Technical Challenges In Blockchain Technology The People’s Bank Of China identified the following difficulties with blockchain technology: Problems with performance and scalability. Not Enough privacy protection. “Innovation from the theoretical level is still needed, as well as from engineering technology,” Di Gang said. It needs to “further strengthen security technology innovation.” “In terms of regulatory auditing, Di Gang believes that there are still many nodes inside the blockchain that are anonymized and dense, which are difficult to supervise by decentralization.” There’s technical friction between blockchain technology and traditional technologies. Someone needs to build an interoperability standard system. So, essentially the same problems every crypto company already identified plus one, “regulatory auditing” which is “difficult to supervise by decentralization.” Is it fair to say that this is what this report is really about? Related Reading | Central Bank of France Tests Blockchain-Backed CBDC Targeting Debt Market The People’s Bank Of China Will Release Their CBDC For The Winter Olympic Games Apparently, the PBOC’s plan to further test the Digital RMB during the Winter Olympic Games is still a go. Di Gang said: “The digital RMB has been piloted since the end of 2019 and is now being piloted in 10 regions and the 2022 Beijing Winter Olympic Games scenario, and in July this year, the PBoC released the White Paper on the Progress of R&D of China’s Digital RMB, and as an important part of the digital RMB R&D pilot and the Winter Olympic Games preparation, the pilot of the digital RMB Beijing Winter Olympic Games scenario is also is advancing in a steady and orderly manner.” And that’s where China currently stands regarding blockchain technology and their CBDC. Featured Image: glaborde7 on Pixabay | Charts by TradingView
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