Leading Chinese banks are promoting the digital yuan over Alipay and WeChat Pay for an upcoming shopping festival in China.
Global BTC hashrates still down over 15% following accident, Dogecoin the subject of trademark applications, and government official mentions BTC as an investment alternative
The central bank official said stablecoins issued by private companies may require “stronger regulatory rules” than Bitcoin.
Coinbase and cryptocurrencies viewed cynically on Chinese social media, and news of a large mining GPU smuggling bust in Hong Kong.
Macau’s government is taking steps towards introducing a digital currency to combat tax evasion and money laundering in the gambling hub.
Retail investors are flocking to buy Filecoin on exchanges with predominately Chinese user bases and the head of the PBOC thinks the digital yuan has an uphill battle to take on Alipay and WeChat Pay.
It’s unclear what the new group’s mission will be, though People’s Bank of China employees working on its digital currency efforts will be involved.
From privacy to political power, China’s digital yuan will have far-reaching implications.
The wider effort to promote the digital currency precedes a launch in the “near future,” per a state media report.
“The PBOC that is not criticized by the public will not withstand the test of history,” the current head of the central bank says. Zhou Xiaochuan’s legacy – the digital yuan – was sidelined, until it became necessary.