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China’s major state-run banks are testing out its central bank digital currency (CBDC) digital wallet application. The Chinese central bank, having said that its CBDC, also known as digital currency electronic payment (DCEP), is “almost ready,” is finally moving a step closer to its official launch nationwide.   According to Wang Zongmin, a former deputy chairman of …

China’s Major State-Run Commercial Banks Test CBDC Digital Wallet Read More »

Leading global investment bank Goldman Sachs is exploring avenues of development to potentially create its own cryptocurrency. As reported by CNBC on August 6, the bank has appointed Mathew McDermott as the worldwide head of digital assets to spearhead the realization of this dream. Blockchain holds the future of financial markets McDermott brings to the table a wide …

Goldman Sachs Explores Development of its Own Digital Token Read More »

The government-owned Swiss bank, bank Basler Kantonalbank (BKB) is set to offer cryptocurrency custodial services as well as trading service, a landmark move in the crypto-centric nation. The project is a collaboration between a BKB subsidiary and Bank Cler, a Swiss Banking Group. A Basler Kantonalbank spokesperson said: “In the BKB Group, we are working to offer …

Government-Owned Swiss Bank to Provide Custodial Services for Cryptocurrencies Read More »

Shortly after Russia’s president, Vladimir Putin, signed the country’s recent cryptocurrency law, the country’s largest bank voiced its considerations. Sberbank, a state-owned company and the largest bank in Russia, is considering the possibility of issuing its own token, according to its key executives. Sergey Popov, director of the transaction business at Sberbank, says that Russia’s banking giant …

Russia’s Biggest Bank Considers Launching Its Own Stablecoin Read More »

The People’s Bank of China through the use of its proposed Digital Currency Electronic Payment DCEP system aims to tackle the dominance of WeChat Pay and Alipay in the nation’s digital payment ecosystem. The news was reported days after the People’s Bank of China urged the nation’s top antitrust agency to probe the dominance of the two …

Alipay and WeChat Pay Could Be Casualties of China’s Digital Yuan Read More »

Former Chinese banker, Wang Yongli suggested that a push for digital currencies to substitute all currencies is needed to support monetary operation reforms. Wang, the Director of Haixia blockchain research institute and former vice president of Bank of China said that China’s central bank digital currency (CBDC), also known as its digital currency electronic payment (DCEP) should …

China’s CBDC Should Start Replacing Cash But Not Confined to Substitution, says Former Chinese Banker Read More »

China has not always been friendly towards cryptocurrencies, however, the country has not completely banned Bitcoin, according to the Beijing Arbitration Commission. In 2017, China completely banned Bitcoin exchanges in the country but this did not stop initial coin offerings and virtual currency trading. Without Bitcoin exchanges operating in China, traders turned to foreign exchanges to conduct cryptocurrency transactions. Binance, …

China Clarifies its Stance on Bitcoin: Legal if the Crypto Does Not Act as Alternative to Fiat Read More »

Tencent to build a blockchain-based wine traceability platform for China’s oldest wine producer. Chinese tech giant Tencent has revealed its plan for creating a blockchain-based wine traceability platform in collaboration with Changyu, China’s biggest and oldest wine producer, according to local news on July 31. It is said to be a nationwide first for the country’s domestic …

Tencent Builds Blockchain Platform for China’s Oldest Wine Producer Read More »

The European Union and China recently had trade and economic discussions regarding topics including central bank digital currencies (CBDC) and supply chain. During the video conference, according to the Ministry of Commerce of China, the two parties discussed the strategic cooperation of the steady recovery and growth of the global economy post-pandemic.  According to the …

China and EU Trade Talks Included the Potential Cooperation of Central Bank Digital Currencies Read More »

The Bank of Japan is reportedly expediting the development of its Central Bank Digital Currency (CBDC). A top official of the Asian giant’s apex bank Takeshi Kimura confirmed this while speaking to Japanese news outlet The Asahi Shimbun. Takeshi said that the bank will begin substantive testing of its CBDC as pressure mounts following the fear of …

Bank of Japan Now Considers its CBDC Project a Top Priority Read More »