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).

Blockchain Bites: DiDi to Trial the Digital Yuan and a Look at Chainlink’s Gains

The "Chinese Uber" will join the nations CBDC project, TikTok threw Dogecoin a treat and Nexo tapped Chainlink.

China’s digital yuan is getting its first big test in the real world

China’s upcoming digital currency is going to be trialed on a ridesharing app that has 500 million users.

Digital Yuan Set for Real-world Ride Sharing Pilot with Apple-backed Didi

China’s digital yuan launch appears to be inching yet closer to rollout after reports in the Middle Kingdom surfaced linking a ride-share operator with pilots for the new central bank-run token. Per Beijing Business Today and Bloomberg, a digital currency unit of the central People’s Bank of China (PBoC) has struck a “strategic cooperation” deal to “explore the

Ride-Hailing Giant DiDi Joins China’s Digital Yuan Project

The world’s second-highest-valued unicorn startup has partnered with the Chinese central bank to work on the forthcoming digital yuan. Chinese ride-hailing juggernaut DiDi Chuxing has joined the digital yuan project, a CBDC developed by the People’s Bank of China, or PBoC. According to an announcement  DiDi shared with Cointelegraph earlier today, the company has entered into “a strategic partnership” with the Digital Currency Research Institute of the PBoC. Together, DiDi and the PBoC’s think tank will reportedly work to bring the DC/EP solution to the former’s large-scale transportation network, which DiDi also refers to as “the world’s largest one-stop on-demand transportation platform.” The statement reads: “Under PBOC’s overall DCEP strategy and operation timeline, DiDi's DCEP taskforce will design and implement pilot DCEP projects in accordance with rigorous safety, security and governance standards.” Primarily known as the Uber of China, DiDi claims to have 550 million users across Asia, Latin America and Australia.

China’s CBDC Research Institute Partners with Didi Chuxing to Explore “Smart Travel” with the Digital Yuan

China’s Central Bank Digital Currency Research Institute and Chinese transportation giant Didi Chuxing have reached an agreement to explore and develop the use of digital yuan in the transportation industry.

Global Compatibility Is A Key Factor In The CBDC Race, Says Expert

CBDCs will have to be internationally interoperable to become globally adopted, says a Hong Kong University expert. International interoperability will become the cornerstone of the CBDC race as it goes forward, according to Douglas Arner, director at Asian Institute of International Financial Law at the University of Hong Kong.  Speaking at the Unitize blockchain conference earlier today, Arner argued that the interconnections between different global economic systems will become “one of the biggest challenges — and one of the biggest opportunities” as more countries are becoming involved in CBDC projects across the globe. In Arner’s view, the Chinese financial system already has some predispositions for the cross-border adoption of the upcoming digital yuan project, like the renminbi swap lines which China has established with dozens of countries worldwide over the past few years: “If we think of the Chinese [CBDC] proposal at the moment, it is largely limited to operating within the context of the physical and electronic borders.

First Mover: Even Bank of America Acknowledges China Winning Digital-Currency Race

BoA researchers anticipate that China's digital yuan might make a dent in the greenback’s global hegemony.

US Senator: Digital Dollar Must Beat Bitcoin, Digital Yuan

During a hearing on the potential introduction of a digital dollar, Senator Tom Cotton claimed whatever the United States comes up with, it has to “be better than Bitcoin.” He also asserts it must be better than China’s digital yuan, which is currently in its pilot phase in the country.

Expert: Digital Yuan Will Have a Hard Time Displacing Tether in Asia

China’s CBDC wants to displace the US dollar, but Genesis Block’s Charles Yang believes it doesn’t offer a compelling alternative to USDT. China’s central bank digital currency is usually identified as a way to challenge the dominance of the US dollar, not Bitcoin (BTC).

Expert: China's Digital Yuan Will Target the Dollar, Not Bitcoin

With its forthcoming digital yuan, China will aim to rival the US dollar, not Bitcoin, say experts. Having learned what it needs from the cryptocurrency space and blockchain, China will aim to rival the US dollar, not Bitcoin (BTC), with its highly-anticipated digital yuan. Matthew Graham, a veteran investment banker in China and the CEO of Beijing-based Sino Global Capital — analyzed what is known so far about the forthcoming digital currency and argued that the Chinese government sees new technologies as a “leapfrog opportunity” to chip away at the dollar’s hegemony. Speaking with Boxmining founder Michael Gu at the Unitize conference on July 6, Graham said that even though it’s extremely difficult for China to internationalize the renminbi: “Swift, CHIPS, Fedwire [...] they’re antiquated, they're expensive, they're slow.

US Senators Debate Digital Dollar As China Prepares to Launch Virtual Yuan

US legislators are taking a close look at the pros and cons of a digital dollar.

Gold Industry Shaken as 83 Tons of Fake Gold Bars Used to Secure $2 Billion Loans in China

The gold industry has been shaken after it was discovered that 83 tons of fake gold bars have been used as collateral for loans worth 20 billion yuan from 14 financial institutions to a major gold jewelry manufacturer in Wuhan, China.

Gold vs. Bitcoin: $2.8B Fake Bullion Scam Highlights BTC Benefits

A huge corruption scandal involving Chinese loans backed by fake gold is pressuring its supporters to defend it against unforgeable Bitcoin. The Bitcoin (BTC) versus gold debate rages on this week as reports reveal fake bars fuelled a $2.8 billion corruption scheme. As Chinese media outlet Caixin reported on June 29 via Nikkei, a loans deal between Chinese financial institutions and Wuhan Kingold Jewelry — with gold as collateral — fell apart when it became known the gold was gilded copper. Schiff: Bitcoin holders are “stupid” According to Caixin, “at least some” of the gold bars involved were simply copper, with the loan lenders seriously out of pocket as a result. “That has left lenders holding the bag for the remaining 16 billion yuan of loans outstanding against the bogus bars,” it reported. The saga is just the latest involving fake gold to engulf high-profile entities.

Mining, Steel Giants Complete USD14m Blockchain-powered Iron Ore Trade

One of the world’s largest mining companies, BHP Group, says it has completed a USD 14 million blockchain-powered iron ore transaction with China’s Baosteel – one of the largest steelmaking firms on the planet. The move follows on from last month’s trade between the two companies that saw BHP conduct its first-ever yuan iron sale to Baosteel. Baosteel is part

China's Blockchain Service Network Integrates Chainlink Oracles

China’s Blockchain Service Network, made up of some of the leading technology companies, is integrating Chainlink’s data oracles. China’s Blockchain Service Network (BSN) is integrating Chainlink’s (LINK) oracle service into its ecosystem. BSN was recently formed by China’s State Information Center, China Mobile, China Unionpay, and Red Date Technologies.