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)

Visit our news channel on Google News and follow us to get accurate, interesting information and stay up to date with everything. You can also see our daily content on X/Twitter and Instagram

La entrada China launches cross-border payment system with digital Yuan 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)

Visit our news channel on Google News and follow us to get accurate, interesting information and stay up to date with everything. You can also see our daily content on Twitter and Instagram

La entrada French bank BNP Parisbas to promote use of digital yuan 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

Click the link to subscribe for free to our news and media group on Telegram: https://t.me/G_ELSUMARIO_News

Source: cripto247

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

The People’s Bank of China recently announced that it will expand the digital currency pilot program to four other provinces in the Asian nation.

Information published by local media indicated that the deputy governor of the financial institution, Fan Yifei, indicated at an event that the bank plans to carry out tests with the e-CNY in Guangdong, Jiangsu, Hebei and Sichuan.

With a combined population of more than 360 million people, this move would mark a notable expansion of the central bank’s CBDC schemes, which have been largely limited to individual cities, merchants and select regions.

From 2020, China aims to carry out the replacement of cash with the digital yuan. To date, some 261 million users had created digital wallets with transactions in excess of $13 billion.

The country also launched digital currency for foreign athletes visiting the country during the 2022 Beijing Winter Olympics and began allowing e-CNY to be used as payment for certain public buses in August.

K. Tovar

Click the link to subscribe for free to our news and media group on Telegram: https://t.me/G_ELSUMARIO_News

Source: Cointelegraph

La entrada China will take its digital asset pilot to other provinces apareció primero en Bitfinance.

As cryptocurrencies like bitcoin increase in value, hand in hand with increasing use, the pressure on central banks grows even more.

If the most popular digital asset in the world is taken into consideration, it is observed how it has reached $ 50,000 per unit hand in hand with the growth of its popularity in the world of investors.

The world’s major central banks set out last October how a digital currency could work, although progress has been slow. In fact, the statement from last week’s G7 finance ministers meeting did not mention anything about this new technology.

It should be noted that in recent times, access to money from central banks has been limited for financial institutions, so the idea of ​​bringing it to the general public could generate economic and financial repercussions.

Given this situation and all the aforementioned factors, different central banks have opted for the creation and implementation of their own digital assets to go hand in hand with the evolution of the digital economy.

This is how we can see, for example, the People’s Bank of China that has already announced the issuance of its own cbdc, as well as the Riksbank of Sweden and the Bank of Canada.

The European Central Bank (ECB) and the Bank of England (BoE) have started consultations, although ECB President Christine Lagarde said last month that any digital euro would take years. The Bank of Japan (BoJ) and the United States Federal Reserve (Fed) have taken a back seat.

K. Tovar

Source: Investing

La entrada Bitcoin increases pressure on central banks apareció primero en Bitfinance.