China has made a strategic and quiet move in cross-border payments. They are now based on the digital yuan for transactions with 10 ASEAN countries and six Middle Eastern countries, bypassing the Swift system.

The People’s Bank of China has been the entity in charge of connecting the digital RMB, which gives China a victory over the prevalence of the US dollar in the global economy.

The best part is that “while the SWIFT system still suffers delays of 3 to 5 days for international payments, the Chinese digital bridge has reduced that time to 7 seconds.” As an example, the first test run between Hong Kong and Abu Dhabi is cited, in which a company transferred funds to a Middle Eastern supplier without having to go through six intermediary banks. The funds were received in real time and with 98 % lower fees.

According to reports, 23 central banks are participating in this Chinese digital currency bridge.

Regarding this accelerated decision by China, the Bank for International Settlements (BIS) indicated that the Asian country is “defining the rules of the game in the digital currency era.”

The benefits are notable not only in terms of transaction speed, but also in enabling full traceability and the automatic application of anti-money laundering regulations.

M.Pino

Source: notitarde            

(Reference image: Adam Śmigielski on Unsplash)

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La entrada China launches cross-border payment system with digital Yuan apareció primero en Bitfinance.

In an alert launched by the Chinese Ministry of Information Technology, citizens were warned about a fake digital yuan application that steals money and confidential data from users.

On social networks, the Chinese authority gave details of the malicious application, which uses a false logo of the digital yuan, causing confusion among users.

At the moment, it has been indicated that the app promises dividends, “it provides false customer service that directs the user to unusual social tools to facilitate the confiscation of the user’s funds.”

Another aspect to take into account is that the user interface of the fake application has a different name than the real one, so it is essential not to use it automatically, but to detail its appearance so as not to be a victim of fraud.

Furthermore, the Ministry has revealed that the version number and MD5 message digest identity are different.

At the moment, there are no details available about the measures that the Chinese government would be taking to stop this scam. Apparently, this malicious app could not be found in the Apple or Google application stores either.

M.Pino

Source: cointelegraph

(Reference image source: Unsplash+, in collaboration with Getty Images)

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La entrada Fake digital yuan application triggers alarms in China apareció primero en Bitfinance.

BNP Paribas will support the use of the digital yuan by its corporate clients, through a joint effort with the People’s Bank of China.

According to the local newspaper South China Morning Post, BNP Paribas China has partnered with the Asian country’s bank so that customers can “connect with the BOC system, which will allow users to manage their yuan digital wallets by linking them to their bank accounts, track transactions, and make payments with Chinese digital currency through a digital yuan management system.”

Additionally, the initiative seeks to make it much easier for customers to use digital cash when making transactions in real time.

Another aspect that BNP Paribas China will exploit is the use of China’s CBDC in strategic areas “such as smart contracts, supply chain financing, public services and cross-border payments.”

As a step prior to the joint action between both banking entities, and in order to promote the adoption of its CBDC, China placed millions of dollars in digital yuan, several cities “gave away more than 180 million yuan, worth USD 26.5 million in the central bank currency through subsidies and consumer coupons.

Efforts to accelerate the adoption of the digital yuan among the population have reached the payment of civil servants’ salaries since May in the city of Changshu.

M.Pino

Source: cointelegraph

(Reference image source: Camillo Corsetti Antonini, Unsplash)

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La entrada French bank BNP Parisbas to promote use of digital yuan apareció primero en Bitfinance.

The city of Changshu, in China’s east China’s Jiangsu province, is giving new impetus to the adoption of the digital yuan, China’s central bank digital currency (CBDC), by starting to pay public sector employees their salaries in digital yuan starting in May, according to an official report from the local government.

This measure will affect civil servants and employees of the public administration, state-owned companies, and public institutions in the city, such as schools, hospitals, libraries, research institutes, and media organizations.

This is the largest launch of the digital currency in China to date, and adds to efforts to popularize CBDC that have been taking place in other cities in the country since the cashless system was launched in 2020. Changshu, a city of 1.7 million people, has been experimenting with the digital yuan since October last year, using the digital currency to pay for transit subsidies, overtime to state employees, and subsidies to high-tech companies and costs of living place.

China has been a leader in the development of CBDCs among countries, and has been making efforts to boost the adoption of its digital payment system. Last January, the People’s Bank of China launched a wallet app on the Apple and Android stores that can be used in more than a dozen cities and regions that were testing the currency. In addition, private companies such as Alipay and Tencent, Chinese technology giants, have been pressured to incorporate the digital yuan into their payment mechanisms.

However, the digital currency has faced challenges, including limited ability to settle transactions, and some Chinese citizens who have been receiving digital yuan payments have reported difficulty finding places to spend CBDC in their daily lives. Despite this, the Changshu announcement has led to a rise in CBDC-related shares in the Chinese market, with companies including Global Infotech, Chutian Dragon, Newland Digital Technology, and Northking Information Technology all recording increases in their shares.

In addition, another city in Jiangsu, Xuzhou, has also announced plans to promote the digital yuan, becoming the second city in the province to experiment with the digital currency on a large scale. Some economic commentators believe that Western sanctions on Russia have accelerated China’s development of the digital yuan. Until now, the digital yuan has mainly been used domestically in China.

K. Tovar

Source: Diariobitcoin

(Reference image source: file)

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La entrada China will pay its public employees with digital yuan apareció primero en Bitfinance.

Huang Yiping, a former member of the People’s Bank of China’s Monetary Policy Committee, said the current ban on cryptocurrency trading in China could result in long-term missed opportunities for the formal financial system, including blockchain technology and tokenization.

Although he acknowledges the risks associated with cryptocurrencies, such as bitcoin, Huang argues that a permanent ban on cryptocurrencies should be carefully considered.

China is currently known for its “blockchain, not Bitcoin” stance, but despite the ban, the country remains a major Bitcoin miner.

Huang, who is now a professor of economics at Peking University, also touched on the Chinese central bank’s digital currency and the issuance of stablecoins based on the digital yuan, arguing that it is a “very delicate” issue that needs to be carefully considered.

K. Tovar

Source: Cointelegraph

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La entrada Crypto ban in China poses a risk apareció primero en Bitfinance.

China’s digital currency (CBDC), issued by the People’s Bank of the Asian country, has already penetrated 15 provinces, resulting in more than 369 million payments with this new financial instrument.

The PBOC recently issued a report, which reflects more than 100 million transactions. Although testing with CBDC continues, it is currently accepted by 5.6 million merchants in China.

To encourage the adoption of the digital yuan, the financial authority has drawn up several subsidy campaigns. In this regard, they have underlined: “These initiatives aim to stimulate consumption, combat the negative effects of the Covid-19 pandemic and promote low-carbon transport.”

The commitment of the Chinese government is broad and ambitious, focusing on the introduction of its CBDC in the financial and corporate sectors, in addition to proposing the payment of taxes in digital currency.

Unofficially, information has been leaked about an alleged conversation with Alipay and WechatPay, in order to link them to the digital yuan. About it, time will give the answer about the veracity of this strategy.

M.Pino

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Source: cripto247

La entrada China’s digital yuan transactions top 100 million apareció primero en Bitfinance.

The Chinese government is planning to hand out about 15 million yuan worth of CBDC to about 130,000 residents of the Shenzhen community.

These coins will be accepted in at least five thousand stores, with no minimum purchase required to be used.

The People’s Bank of China is still testing their CBDC and as part of the testing they are running this giveaway. A total of 130,000 red packets will be distributed through a Wechat paid raffle system.

Reports reveal that this is the first time that the digital yuan in question has been issued by eight pilot banks. It has also been included in other sectors, such as restaurants and supermarkets, for a certain period of time.

Due to a new Omicron outbreak reported in Shenzhen, the People’s Bank of China has reportedly been promoting the coin to benefit residents.

K. Tovar

Source: Cointelegraph

La entrada China continues to test the digital yuan apareció primero en Bitfinance.

The state financial institutions China Construction Bank (CCB) and Bank of Communications (Bocom), leaders in the banking sector, are increasing their efforts to expand their pilot programs on the Central Bank Digital Currency, CBDC, of ​​China: the digital yuan or e-CNY.

The goal of banking institutions is to enable owners of digital yuan to obtain investment funds and insurance products using the new currency. For which the institutions partner with fund managers and insurers to explore the use of the digital yuan.

According to the South China Morning Post publication, the cooperation will “facilitate the use of the digital yuan for the purchase of mutual funds and insurance products, and the participants hope that this will become another use case for e-CNY beyond low-value daily retail payments.”

Financial activities

The CCB bank recently established an alliance with Shanghai Tiantian Fund Distribution in order to provide clients with the ability to make fund investments online with digital yuan. Zhang Min, Executive Vice President of the bank said: “Since 2017 we have been participating in the research and development of the central bank digital currency, which we consider important to our payment system due to its ability to improve the efficiency of payments.”

While China Construction Bank, until June, had opened “8.4 million digital wallets for individuals and companies”, making a total of “28.5 million yuan digital transactions, for 18.9 billion yuan”, equivalent to 2.9 billion dollars.

On the other hand, China has been carrying out different tests with the digital yuan in sectors such as the Beijing subway, in ATMs. In addition, some provinces are cancelling the wages of workers with the digital currency, which shows that the Asian giant is advancing energetically with its digital currency.

M. Rodríguez

Source: diariobicoin.com

La entrada Chinese banking to use digital yuan in investments and insurance apareció primero en Bitfinance.

One of the largest e-commerce platforms in China, JD.com, has announced a new method of payment to its employees based on digital yuan, with the aim of contributing to the strengthening of the digital currency in the country.

The commerce portal, also known as JingDong, is very similar to Aliexpress or Taobao, which has a high volume of sales of its service. The company also reported that another of the main objectives is to displace the traditional currency in order to replace it with the CBDC.

The initiative is not something new for the Chinese population, because the country for some time has been testing the digital payment method, either through Wechat or Alipay.

The Asian giant also stated that apart from paying salaries in Yuan Digital, it has also canceled other companies and businesses under the same payment method.

The Chinese government wants to accelerate the adoption and transition to the digital yuan, allowing tourists to use it for the upcoming winter Olympics. In addition to conducting multiple tests and trials throughout the country, so its total start-up is closer than ever.

K.Villarroel

Source: bitcoin.es

La entrada Chinese company JD.com will pay salaries in digital yuan apareció primero en Bitfinance.