
China Trials Its Own ‘Bitcoin’ But Here’s Why It Will Probably Suck
After a successful trial, China is one step closer to becoming the first country in the world to issue its own blockchain-based virtual currency. However, it will probably be a far cry from its open-access, transparent and immutable counterpart, Bitcoin. China: ‘YuanCoin’ Trial a Success. Following the rise in popularity of the first blockchain-based currency in the world, i.e. Bitcoin, the People’s Bank of China (PBOC) is getting closer to issuing its own, albeit centralized, government-backed sovereign digital currency that will coexist with physical currency. A successful trial in....
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Trials of China's central bank digital currency continue, with ATMs now starting to be used in Shenzhen.
PBoC deputy governor Fan Yifei said expanding e-CNY trials to the provinces of Guangdong, Jiangsu, Hebei and Sichuan would happen "at a proper time." The People’s Bank of China, or PBoC, will reportedly expand deployment of its central bank digital currency, the e-CNY, to four of the country’s provinces, including Guangdong.According to a Tuesday report from the South China Morning Post, PBoC deputy governor Fan Yifei said at an event in Suzhou that the bank would be rolling out e-CNY trials in the provinces of Guangdong, Jiangsu, Hebei and Sichuan. With a combined population of more than....
Chinese policy has a massive impact on Bitcoin price, trading volume, and perceived legitimacy – but as the government’s policy on digital currencies is ambigious, Bitcoin’s future in China remains uncertain. The US-China Economic and Security Review Commission reached this conclusion in a research brief published earlier this week. The report examined Bitcoin’s history in China, documenting the evolution of Chinese official (and actual) attitude toward Bitcoin and exploring some of the factors for its popularity – and potential for the future. Here are five things the USCC report said....
An increasing number of multi-billion dollar companies, banks, financial institutions and organizations have begun to utilize Blockchain technology to authenticate data. By doing so, new and unique implementations of Blockchain technology were introduced, including the Commonwealth Bank’s Blockchain-based shipment of cotton and Walmart’s usage of Blockchain to track the distribution of food. Walmart and China pork scandal. Retail giants like Walmart conducted trials using Blockchain technology to store shipment data and distribution information into an immutable Blockchain network. In late....
Beijing residents should apply to participate in the lottery until midnight on June 7. The Chinese government is launching another digital yuan lottery to stimulate its ongoing digital currency trials, this time in the capital of Beijing.The Beijing Local Financial Supervision and Administration officially announced Tuesday that the government will distribute 40 million digital yuan ($6.2 million) to Beijing residents as part of a new digital currency pilot.Starting in June, the program features “red envelopes” — a traditional way of gifting money, with each providing a free online wallet....