Latest PBoC News

  • PBoC proposes revised banking law to legalize digital yuan CBDC
    PBoC proposes revised banking law to legalize digital yuan CBDC
    People's Bank of China (PBoC) published a notice today stating that the country’s central bank has provided various channels such as email, fax and letter to acquire public opinions, or feedback on The post PBoC proposes revised banking law to legalize digital yuan CBDC appeared first on AMBCrypto.
  • China should accelerate its efforts to launch CBDC, PBoC urges
    China should accelerate its efforts to launch CBDC, PBoC urges
    The deputy governor of the People’s Bank of China (PBOC), Chen Yulu, called for speeding up the process of launching China’s digital currency, the e-yuan, and to make CBDC part of an “independen The post China should accelerate its efforts to launch CBDC, PBoC urges appeared first on AMBCrypto.
  • China PBOC Views CBDC Race as
    China PBOC Views CBDC Race as "New Battlefied" Between Sovereign Nations
    China through its apex bank, the People’s Bank of China (PBOC) has reiterated its desire to be the first nation to issue a Central Bank Digital Currency (CBDC) (Read More)
  • JD.com's fintech wing partners with PBoC on digital currency projects
    JD.com's fintech wing partners with PBoC on digital currency projects
    China's e-commerce giant will reportedly help develop apps that support the forthcoming digital renminbi. The tech and payments-focused subsidiary of Chinese e-commerce company JD.com has entered into a partnership with the Digital Currency Research Institute of the People’s Bank of China. Local media reported on Sept.
  • It's Official: China's Digital Yuan To Target US Dollar Dominance
    It's Official: China's Digital Yuan To Target US Dollar Dominance
    The central People’s Bank of China (PBoC) confirmed that it is ready to take center-stage on a “new battlefield” of competition between sovereign nations based on digital fiats – and claims its own new token could help break “dollar dominance.” The PBoC has been relatively cagey about its digital yuan project, which is already in advanced testing stages, but
  • Beijing sees digital currencies as ‘new battlefield’ in global finance
    Beijing sees digital currencies as ‘new battlefield’ in global finance
    China's central bank aims to challenge the global financial status quo. The People’s Bank of China is placing a strong emphasis on the geopolitical stakes of the country’s central bank digital currency development. An article published in the PBoC-run magazine China Finance this weekend argued that Beijing should “accelerate the pace [of CBDC development] to seize the first track” in the global race to issue fiat digital currencies. The article stated that China should seize the advantage of becoming a first mover in the arena of digital currencies, which it characterized as the “new battlefield” of inter-state competition. At stake, the article claimed, would be significant changes to the geopolitical status quo in international finance and an opportunity to break dollar hegemony and internationalize the yuan. Moreover, data feedback from a PBoC-issued digital currency would be beneficial for national monetary policy, all the more crucial in a post-pandemic landscape fraught with economic challenges.  The article outlined that, as of the end of April 2020, the PBoC’s research unit has filed 130 cryptocurrency-related patent applications, which cover the gamut of issuance, circulation and implementation. The central bank’s research unit had first been established in 2015 and the project has proceeded apace in 2020.
  • Digital yuan doesn't pose a threat to the hegemony of the dollar, says expert
    Digital yuan doesn't pose a threat to the hegemony of the dollar, says expert
    Foreign investors still doubt the PBoC's policies when it comes to the RMB exchange rate. Eswar Prasad, a professor of Trade Policy at Cornell University and a senior fellow at the Brookings Institution, believes that even though China’s digital yuan will enhance the renminbi’s role as an international payment currency, it will “hardly put a dent” in the US dollar’s status as the dominant currency. In an opinion piece published in Project Syndicate, Prasad states that the Chinese government should keep reforming the country’s financial markets and remove restrictions on capital flow to put both China’s CBDC and national cross-border payments system in the global sphere to strengthen its adoption. According to the professor, the renminbi has made significant gains in recent years, both as a means of payment and as a reserve currency.
  • China plans to use its digital yuan at the 2022 Winter Olympic Games
    China plans to use its digital yuan at the 2022 Winter Olympic Games
    Details about the official launch date still remain murky. The People’s Bank of China is planning to put its digital currency to use at the 2022 Winter Olympic Games in Beijing. According to a Reuters report, Sun Guofeng, the head of the monetary policy department at PBoC, said that the bank does not have a timetable for the rollout of the digital currency.
  • PBoC Says Digital Yuan Tests Focus on Small Transactions After Rumored Property Sale
    PBoC Says Digital Yuan Tests Focus on Small Transactions After Rumored Property Sale
    The People's Bank of China has apparently played down rumors of a house sale settled with its in-the-works digital currency.
  • Bitcoin Price Gold Correlation Crashes 20%: 5 Things to Know This Week
    Bitcoin Price Gold Correlation Crashes 20%: 5 Things to Know This Week
    Bitcoin’s network fundamentals are as bullish as ever, but $12,000 may spark a retest of lower price levels, an analyst warns. Bitcoin (BTC) starts a new week at the upper end of its new price range near $12,000 — will the market finally crack it this week? Cointelegraph takes a look at five things to consider when working out where Bitcoin is headed in the coming days.  S&P 500 nears all-time highs… again Unlike previous weeks, macro markets and their impact on Bitcoin are back in the spotlight on Monday. China leads the way, with its stocks rallying to near their highest levels in two years on news that the People’s Bank of China, or PBoC, is planning to ease monetary policy. The Shanghai Composite Index rose 2.3% on the day, with year-to-date gains sitting at 13% despite the coronavirus turmoil. Elsewhere, the S&P 500 is already up over 50% versus its March crash lows, with Goldman Sachs analysts revising their end-of-year forecast upwards. The tar
  • Former PBoC official: digital currency can substitute all currencies
    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
  • China’s Digital Yuan to Reportedly Target Dominance of Alibaba and Tencent
    China’s Digital Yuan to Reportedly Target Dominance of Alibaba and Tencent
    China’s central bank may be planning to use its digital currency to curb the dominance of Alibaba and Tencent in the digital payments sector. The People’s Bank of China is purportedly planning to use its digital currency electronic system (DCEP) — another moniker for its central bank digital currency — to target the dominance of technology giants like Alibaba and Tencent in the digital payments sector. The report comes only a few days after claims of the central bank prompting a top antitrust agency to launch a probe against Alipay and WeChat Pay for using their dominance to suppress competition. According to the Financial Times, even regulators and executives of Alibaba’s financial group Ant agreed that PBoC will target the market dominance of Alipay and WeChat pay. As of now, Alibaba’s financial subsidiary Alipay and Tencent’s WeChat Pay control a majority of the digital payments across China while banks are left far behind in the competition.
  • China's Antitrust Agency Urged By the PBOC to Probe Alipay and WeChat Pay
    China's Antitrust Agency Urged By the PBOC to Probe Alipay and WeChat Pay
    In a move similar to the US antitrust hearing, the People’s Bank of China has prompted the nations top antitrust body to probe Alipay and WeChat (Read More)
  • Tech's Antitrust Issues Flare Up on Both Sides of the New ‘Cold War,’ Report
    Tech's Antitrust Issues Flare Up on Both Sides of the New ‘Cold War,’ Report
    At the request of the People’s Bank of China, Beijing could soon probe its digital payments monopolies, sources claim. Days after the CEOs of the world’s top tech firms faced antitrust hearings in the United States Congress, sources are alleging that Beijing too could soon probe its own digital monopolies.  A Reuters report published on July 31 cites anonymous sources who claim the People’s Bank of China has formally recommended that the State Council’s antitrust committee launch a probe into the activities of digital payments titans Alipay and WeChat Pay. The central bank has allegedly argued that both have used their ascendant position to stifle any possible competition in the field of digital payments.  If approved, an antitrust probe could be imminent China’s mobile banking sector processed roughly 56.2 trillion yuan ($8 trillion) in transactions in the last three months of 2019, according to Analysys statistics cited by Reuters.  Analysys estimates that AliPay, run by Alibaba affiliate Ant Group, and Tencent’s fintech business (largely WeChat Pay) occupy 55% and 39% of the country’s mobile banking market respectively. One of Reuters’ unnamed sources has said the PBoC formally recommended the State Council committee to investigate possible antitrust issues within the second quarter of 2020. Probe could throw cold water on Ant’s IPO plans The report notes that PBoC has already taken measures to erode the market dominance of both by announcing plans to standardize the interoperability of QR code payments in a bid to ease the entrance of smaller actors into the market. Should a formal antitrust investigation be launched, the news could be a blow for Ant Group’s highly-anticipated dual listing in Shanghai and Hong Kong, where it seeks an initial public offering at a valuation of a reported $200 billion. Following the central bank’s recommendation, the State Council antitrust has already been collecting information on bot
  • China to Test Digital Yuan on Food Delivery Platform With 435 Million Users
    China to Test Digital Yuan on Food Delivery Platform With 435 Million Users
    China’s central bank may test digital yuan on Meituan Dianping’s food delivery platform with 435 million users. The People’s Bank of China (PBoC) is planning to add the Tencent-backed food delivery giant Meituan Dianping to its list of platforms that will test real-world use cases of the digital yuan. Meituan Dianping is a Beijing-based food delivery platform that currently boasts of more than 435 million active users and billions of dollars of daily transactions.