China’s Digital Yuan Expansion into ASEAN: CBDC Cross-Border Move Imminent
China is gearing up to introduce its digital yuan to the ASEAN nations, with plans to explore "cross-regional use" of its Central Bank Digital Currency (CBDC) within the bloc. While some ASEAN members have close political ties to China, others maintain stronger connections with Washington. Cities li ...
Chinese Authorities Detain Trust Reserve Team, Targeting Cryptocurrency Companies
Mainland Chinese authorities continue policy of harassment of cryptocurrency companies. The other day, the Trust Reserve team behind the CNHC yuan-linked steblecoin was detained. Family members of employees have been notified of th ...
Neel Kashkari Questions Effectiveness of Central Bank Digital Currencies
Federal Reserve Bank of Minneapolis President Neel Kashkari has spoken out strongly against central bank digital currencies, questioning whether they can improve the speed and efficiency of payments. Neel Kashkari noted that the topic of launching a digital dollar has recen ...
BNP Paribas Collaborates with Bank of China for Digital Yuan Payments
French BNP Paribas announced the beginning of cooperation with the Bank of China and the implementation of the program of payments in digital yuan for corporate clients. The cooperation will allow BNP Paribas China to connect to the Bank of China (BOC) digital yuan manageme ...
China Launches Pilot Digital Yuan Payroll Program for Civil Servants
According to a report by the Shanghai Securities Journal, China will soon launch a pilot program for digital yuan payroll (e-CNY) for civil servants in May. The program will be initially tested among various professionals, including doctors, teachers, and firefighters, in Changshu city, a populou ...
Digital Yuan Payment Acceptance Expands in Changsha, Generating Over $1.4 Billion in Transactions
The city administration of Changsha, located in Hunan province of China, has recently reported that in the first quarter of 2023, over 400,000 outlets began accepting the state digital currency as a form of payment. This has resulted in the total transaction volume with e-CNY in the city surpassi ...
Jeffrey Sachs Predicts State Cryptocurrencies Will Replace the US Dollar in Payment Sphere
According to Jeffrey Sachs, a renowned economics professor and the director of the Columbia University Center for Sustainability, state-backed digital currencies will eventually replace the US dollar in the payment sphere. Sachs emphasized that up to 60% of foreign trade settlements are presently ...
India’s New Foreign Trade Policy Guideline to Allow Use of Digital Rupee for International Payments
The Indian government has recently introduced a new foreign trade policy guideline that allows the use of the digital rupee for international transactions. According to India's Commerce Minister, Sunil Barthwal, the new policy will make cross-border payments much more accessible for countries who ...
Former CFTC Chairman Warns Central Bank Digital Currencies Could Violate Privacy Rights
Christopher Giancarlo, the former chairman of the US Commodity Futures Trading Commission, has raised concerns about the potential for central bank digital currencies to infringe upon privacy rights and violate existing anti-money laundering rules and Know Your Customer procedures, which he believes ...