Central Bank Digital Currency (CBDC) Race: 2020 Year in Review

As 2020 comes to a close, we take a look back at the most important developments regarding the pursuit of Central Bank Digital Currencies (CBDC).

China's Digital Yuan Tries to Gain a Foothold

A $3 million airdrop of DCEP in Suzhou sees the ascendency of one of China's biggest e-tailers, JD Digits.

China: Suzhou's DCEP trial sees digital yuan on JD.com, Meituan, and Didi

Today, the 11th of December, marked the first day of China’s latest DCEP trial in Suzhou after results of the lottery were announced earlier in the day.

China Airdrops Digital Yuan Worth $3 Million — 10,000 Stores Will Accept It

Twenty million yuan ($3 million) in China’s central bank digital currency will be given away to 100,000 people in the country’s largest test of the digital yuan to date.

Suzhou to receive $3 million DCEP airdrop as adoption grows

China is leading the world in the development, implementation, and testing of its CBDC with the DCEP project, adding yet another city to the list of test runs. According to reports, Suzhou will giv The post Suzhou to receive $3 million DCEP airdrop as adoption grows appeared first on AMBCrypto.

What Is a CBDC?

A CBDC is a central bank digital currency, a new type of money governments are experimenting with that often has blockchain at its core.

Can China's DCEP Challenge Bitcoin?

China is powering ahead with its DCEP central bank digital currency—but what are the implications for its decentralized rival, Bitcoin?

Suzhou Next City in China to Test Digital Yuan DCEP in Red Envelope Event

China’s central bank is scheduled to test its digital yuan dubbed the Digital Currency Electronic Payment (DCEP) in a second red packet lottery event in Suzhou on December 12.

Central Bankers, Experts Outline Possible Scenarios for CBDC Adoption

Central bank digital currencies can have broad implications for the global balance of power, experts say.

Goldman Sachs Expects Digital Yuan to Reach 1B Users Within 10 Years

Goldman Sachs predicts China’s digital yuan will attract 1 billion users within a decade, helping China’s commercial banks compete with fintech companies.

Exclusive: Neo Founder and Onchain CEO Da Hongfei on the Future of the Digital Economy with Blockchain

Blockchain.News interviewed Da Hongfei, the founder of the Neo blockchain, to understand more about the development of blockchain in China.

How Ant’s Suspended IPO Is Related to China’s Digital Yuan

Ant’s suspended IPO exposes potential financial risks posed by the fintech giant’s digital payment platform Alipay.

Digital yuan will combat US 'dollarization' says former PBoC governor

“We need to prevent dollarization — this is one of the major designing points of the Chinese DCEP,” said Zhou Xiaochuan. China’s digital currency approach will favor its domestic retail system and prevent the dollarization of the economy according to one former senior official. Zhou Xiaochuan, the president of the Chinese Finance Association and former governor of the People’s Bank of China (PBoC), told attendees at a Eurasia Forum conference on Oct.

China to be First Cashless Society with Digital Yuan Launch in 2022, SCMP Report

China is poised to become the world’s first cashless society should roll out its Digital Yuan DCEP before it hosts the 2022 Winter Olympics according to the SCMP (Read More)

China's DCEP Will Not Compete With WeChat and AliPay

China’s digital currency also known as the Digital Currency Electronic Payment (DCEP) will not be competing with WeChat and AliPay says Research head.

Inside China's $1.5 million Digital Currency Airdrop

Nearly $1.5 million worth China's DCEP was airdropped to 50,000 citizens in Shenzhen last week.

Proposed Chinese Law Outlaws All Yuan-Pegged Tokens – Except for Its CBDC

The new version will essentially also clear the way for the digital yuan to be the one and only official yuan-pegged token in mainland China.

China to Award DCEP Worth $1.5 Million to Shenzhen Residents to Test Digital Yuan

China’s central bank, the People's Bank of China (PBOC), has teamed up with Shenzhen city to distribute DCEP worth 10 million yuan, approximately $1.5 million to residents.

Shenzhen Giving Away Millions in Digital Yuan in Lottery to Boost Consumption, Test Tech: Report

The promotion is part of China's efforts to try out out and stimulate usage of its new digital currency.

US Vs. China: who will win the digital currency war?

The US needs to embrace privacy-focused crypto in order to compete with China’s digital RMB. Co-founder and managing partner at Electric Capital, Avichal Garg, is convinced the only way for the US to catch up with China in the digital currency war is by embracing privacy-focused cryptocurrency. According to Garg, the Chinese are already far ahead of the US in the digital currency race – their DCEP, or Digital Currency Electronic Payment, is due to launch by the end of the year.

China’s Central Bank Digital Currency DCEP Has Been Processed in Pilot Transactions Worth 1.1 Billion Yuan

In the race to be the first country to launch a functional CBDC, China appears to be in the lead, as it has begun experimenting with its digital currency.

Chinese E-Commerce Giant JD.com to Build CBDC Digital Wallet to Support China’s DCEP

JD.com has recently partnered with the People’s Bank of China Digital Currency Research Institute to build mobile apps and wallets to support China’s CBDC.

The Currency Cold War: Four Scenarios

Stablecoins. Bitcoin. Libra. China's DCEP.

Chinese Yuan Poised to Become the World’s Third Largest Reserve Currency by 2030—Is DCEP Part of the Plan?

Morgan Stanley analysts are predicting that the Chinese yuan will become the third-largest reserve currency in the world, is the DCEP part of the plan? (Read More)

China’s Digital Currency May Come With Hardware Wallets as Well

China Construction Bank’s brief digital yuan debut suggests that hardware wallets for the central bank digital currency may be in the works.

Major China Bank Disables Digital Yuan Wallet Registration After Launch Draws Intense Public Attention

China Construction Bank (CCB) opened registration service for the DCEP wallet via its mobile app but disabled the new feature shortly after.

Chinese Bank Disables Digital Yuan Wallet After Soft Launch Draws Wide Attention

China Construction Bank had quietly opened up the wallet service of China's digital yuan to public users – but has now disabled it shortly after the feature gained wide attention.

China’s DCEP Aims to Restructure the Payment Network While Maintaining a “Normal” Monetary Policy

A Chinese senior central bank official said China should maintain a “normal” monetary policy as the country has been recovering from COVID-19 smoothly.

China's DCEP Testing Limited to Small Retail Transactions for Now

The People’s Bank of China (PBOC) has affirmed that the testing of its CBDC project is concentrated only to small scale transactions for now.

China expands DCEP testing to high-volume commercial transactions

With what seems like only weeks left before DCEP’s launch, China ramps up stress testing on the platform to make sure it can handle the demands of real-life usage.

China’s Digital Yuan CBDC Is Close, but Many Details Remain Unknown

Despite the interest currently surrounding the digital yuan, some are not yet sure of the project’s overall scope and mainstream viability. With the coronavirus pandemic continuing to wreak economic havoc all over the world, China’s commitment to releasing its much-hyped digital yuan project — referred to as the Digital Currency Electronic Payment, or DCEP — as early as possible has remained impressively steadfast.

Hong Kong’s Greater Bay Area to Launch China’s Digital Yuan

China’s CBDC is on its way to Hong Kong. China’s digital yuan, also known as the digital currency electronic payment, or DCEP project, will be rolled out for testing at Hong Kong’s Greater Bay Area in the coming weeks, local news agency the Southern Daily reports on Aug.

Beijing selects Hong Kong's Greater Bay Area as first market to deploy DCEP

Hong Kong's Greater Bay Area is a $2 trillion economy that has already been a proving ground for blockchain technology.

All systems go for launch of China’s DCEP digital currency

Final, large-scale testing now underway at major banks in Shenzhen, with DCEP app available to select clients.

Alipay and WeChat Pay Could Be Casualties of China's Digital Yuan

Still strategizing to curb the dominance of Alipay and WeChat Pay, the People’s Bank of China will be using its DCEP system to break the cashless payment duopoly.

Former PBoC official: digital currency can substitute all currencies

Digital currency like DCEP can be a substitute for cash in circulation and more says former banking chief

Chinese Ex-Banker Says Digital Currency Should Replace Fiat Money

A former vice president of the Bank of China has argued that digital currency should replace fiat in the nation's financial systems.

Digital Yuan CBDC Momentum Grows as More Chinese Firms Get to Testing

As the development of the digital yuan project progresses, the number of China’s largest companies testing the national cryptocurrency is rapidly growing. Despite the global economic crisis and the consequences of the coronavirus pandemic, the development of the Chinese national cryptocurrency, the Digital Currency Electronic Payment, is steadily progressing.

China’s Giant Ride-Hailing Service Didi to Pilot the Central Bank’s Digital Yuan

The Chinese government and the country’s central bank, the People’s Bank of China (PBoC), are currently in the midst of testing a digital yuan or central bank digital currency (CBDC).