News
Conflux will provide the technology to launch an offshore RMB stablecoin pegged to China’s CBDC, the digital yuan.
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Yuan News
The yuan is the primary unit of the renminbi – the official name of the Chinese currency. Chinese currency itself is also often referred to as yuan. The term “Chinese yuan” is mostly used to refer to renminbi by international finance institutions. Yuan is issued by the People’s Bank of China, which has total control over the currency. Yuan is currently one of the most traded currencies due to internationalization of Chinese businesses and the expansion of Chinese exports. Chinese yuan circulates in Thailand, Pakistan, Mongolia and some other Asian countries. As the Chinese economy grows, the yuan gathers more and more influence on international markets. The price of the yuan had a crucial impact on the cryptocurrency industry as most exchanges were Bitcoin to yuan interactions, operated through China-based crypto exchanges. However, due to the large number of regulations, the Chinese yuan lost most of this impact on Bitcoin after 2017.
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Bank of Communications and China Construction Bank are working with fund managers and insurers to facilitate e-yuan payments for Chinese citizens.
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China’s Foreign Ministry responded to U.S. senators’ claim regarding the digital yuan’s function as a tracking and tracing tool during the 2022 Beijing Winter Games.
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Three senators urged the Olympic committee to work with federal agencies "to protect the privacy of American athletes from the Chinese Communist Government."
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From being labeled impractical to nearing mainstream deployment, the digital yuan can transform the global economic landscape.
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Beijing's rail transit service now accepts digital yuan for subway rides through an integration with the Industrial and Commercial Bank of China.
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China reportedly implemented the country’s first blockchain-powered digital yuan transactions in the Xiong’an New Area.
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Major tech and commerce firms have been instrumental in helping China's central bank develop the digital yuan.
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Chinese e-commerce company JD.com has upped its support for the country’s central bank digital currency.
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Macau’s casino junket operators have already been on the rocks during the coronavirus pandemic, and some fear that they could be “faded out” following the introduction of a fully traceable digital yuan.
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The central bank official said stablecoins issued by private companies may require "stronger regulatory rules" than Bitcoin.
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Participants will receive a discount for every central bank digital currency expenditure worth 100 yuan.
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The digital yuan continues to develop apace.
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Alibaba’s Alipay and Tencent’s WeChat Pay reportedly account for 98% of the mobile payment market in China.
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The People’s Bank of China intends to enable anonymous digital yuan transactions of small amounts in order to protect “reasonable” anonymity needs.
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