Digital yuan integration introduced to Chinese business air travel
The Civil Aviation Administration and China Merchants Bank said passengers will be able to utilize the digital currency to access new services via this platform.
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Značka: Yuan
Crypto Biz: Winklevoss slams Silbert, Twitter’s double-edged sword and more
This week’s Crypto Biz also explores Gemini’s fight with the Digital Currency Group (DCG) over user funds, new banking tools for the digital yuan, and OpenAI’s efforts to stop users from jumping paywalls.
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Crypto-friendly DBS Bank launches digital yuan payment tool
Crypto-friendly bank DBS has conducted the first e-CNY transaction for corporate clients, involving a catering company in Shenzhen.
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De-dollarization: Is it really happening?
In our latest Cointelegraph Report, we analyze the causes leading to the decline of the U.S. dollar as the world reserve currency and its potential implications.
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China to expand CBDC use case for Belt and Road Initiative
China was one of the first nations to start working on its CBDCs. However, despite the completion of its development, the government is yet to officially launch the CBDC.
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Hong Kong virtual bank to offer crypto conversions and accounts: Report
The account services for crypto firms come at a time when U.S.-based firms are struggling to find local banking partners and are frequently looking abroad.
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Here’s what you should know about the upcoming US midterms: Law Decoded, Oct. 31–Nov. 7
The United States will go to the voting booths on Nov. 8 to decide the fate of all 435 members of the House of Representatives and 34 out of the 100 Senate seats. The outcome will decide the prevailing power balance in Washington and has the potential to affect the crypto industry. Perhaps that’s why 38% of eligible voters will consider candidates’ positions on crypto, according to a recent survey. Another survey suggests that crypto regulation is a bipartisan issue, with 87% of Democratic and 76% of Republican respondents saying they want clarity from the U.S. government on digital assets.Fundraising is a normal part of the American political system, but the numbers associated with crypto may have raised some eyebrows. Sam Bankman-Fried called $1 billion his “soft ceiling” for 2022 election contributions, for example. Even though he backpedaled on some of his intentions, he remains the sixth-largest donor in this election cycle. There are numerous crypto-related political action committees as well. According to some reports, crypto-affiliated donors have spent more than major mainstream lobbies like defense and Big Pharma.With the nonpartisan nature of crypto being somewhat of a cliche, there are clear signs of political divisions. First, crypto tends to skew to the Right. An analysis of legislators’ agendas shows that Republicans are generally way more friendly to digital assets. Why? Read Cointelegraph’s full review of the upcoming midterm elections and their relation to crypto. Digital yuan will offer “controllable anonymity”Chinese central bank governor Yi Gang claimed that while the country moves forward with adopting its central bank digital currency (CBDC) — the digital yuan — privacy protection remains “on the top of the issue.” He went on to describe the two-layer payment system that will offer controllable anonymity to users. At tier one, the central bank supplies digital yuan to the authorized operators and processes interinstitutional transaction information only. At tier two, the authorized operators only collect the personal information necessary for their exchange and circulation services to the public.Continue readingSouth Korean prosecutors accuse Do Kwon of manipulating LUNA’s priceAnother week, another update on Terra’s founder and his adventures. This time, South Korean prosecutors have obtained evidence to suggest that Do Kwon once ordered an employee to manipulate the price of LUNA, since rebranded Luna Classic (LUNC). The reported evidence came in the form of a “messenger” conversation between Kwon and the former Terraform Labs employee. Meanwhile, Kwon continues to deny all allegations and move across the globe. Previous reports have suggested that he first moved from South Korea to Singapore before transitioning to Dubai. It’s now believed he might be residing somewhere in Europe without a valid passport. Continue reading12 independent entities pledge legal support for RippleRipple is garnering more support from the crypto and finance industry in its ongoing battle with the United States Securities and Exchange Commission. The number of companies, developers, exchanges, associations and investors filing amicus briefs for the firm has reached 12. Among them, you can find such industry heavyweights as Coinbase, the Chamber of Digital Commerce, the Crypto Council for Innovation, the Blockchain Association, Valhil Capital, I-Remit, Spend The Bits, Tapjets, the Investor Choice Advocates Network and John Deaton.Continue readingIRS prepares for an increase in crypto cases in the upcoming tax seasonThe United States Internal Revenue Service’s criminal investigation division is ramping up for tax season, with its sights set on the crypto community. Division Chief Jim Lee said it is preparing “hundreds” of crypto-involved cases, many of which will soon be available to the public. Lee said that in the last three years, there has been a major shift in digital asset investigations conducted by the IRS. Previously, these investigations were mostly money laundering-related; whereas now, tax-related cases make up nearly half. This includes what is often called “off-ramping” transactions where digital assets are exchanged for a fiat currency, along with not reporting crypto payments.Continue reading
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China will expand CBDC trials to most populous province: Report
The People’s Bank of China, or PBoC, will reportedly expand deployment of its central bank digital currency, the e-CNY, to four of the country’s provinces, including Guangdong.According to a Tuesday report from the South China Morning Post, PBoC deputy governor Fan Yifei said at an event in Suzhou that the bank would be rolling out e-CNY trials in the provinces of Guangdong, Jiangsu, Hebei and Sichuan. With a combined population of more than 360 million people, the reported move would be a marked expansion of the central bank’s CBDC plans, which have been largely limited to individual cities, merchants and select regions.China digital currency: Beijing to expand e-CNY trials to four entire provinces including Guangdong https://t.co/kLnNnqn5iq— South China Morning Post (@SCMPNews) September 20, 2022With its first CBDC trials launched in April 2020, China’s central bank has been aiming to eventually replace cash with the digital yuan. As of January 2022, a reported 261 million users have set up digital wallets for the e-CNY with more than $13 billion worth of transactions. The country also rolled out the digital currency for visiting foreign athletes during the Beijing 2022 Winter Olympics and began allowing the use of the e-CNY as payment for certain public buses in August. To date, neither the PBoC nor Chinese government officials have announced a plan to make the CBDC available across the entirety of the country. Fan said the expansion to the four provinces would happen “at a proper time.”Related: Blockchain Association policy head: US shouldn’t compete with China’s CBDC using surveillance toolsThe Bahamas became the first country to officially launch a CBDC nationwide — its Sand Dollar — in October 2020. Both Nigeria and China rolled out their respective digital currencies in trial runs, while the largest economic power in the world, the United States, has not announced definite plans to launch a digital dollar. As part of U.S. President Joe Biden’s executive order on digital assets in March, government agencies and departments have begun exploring CBDC designs as well as their potential benefits and risks.
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Official explains why China CBDC should not be as anonymous as cash
China’s central bank digital currency (CBDC) should not be as anonymous as cash, the head of the People’s Bank of China (PBoC) digital currency institute declared.Digital yuan project lead Mu Changchun spoke of China’s CBDC project at the 5th Digital China Construction Summit on July 24, local financial publication Sina Finance reported.Since debuting the digital yuan in 2020, the Chinese central bank has never targeted complete anonymity for the project, Mu said at the event. Instead, PBoC has been working to enable only limited anonymity in compliance with global Anti-Money Laundering (AML) regulations, the official stated.The Chinese authorities should be able to access CBDC data on people suspected of crimes, Mu noted. According to the official, partial anonymity is an important feature of the digital yuan project though, as it guarantees transaction privacy and personal information protection. However, a completely anonymous CBDC would interfere with preventing crimes like money laundering, terrorism financing, tax evasion and others, he added.While cash is associated with more anonymity, it’s less mobile and easy to use in large amounts than a digital currency, Mu emphasized. “The inconvenient nature of carrying cash increases friction for money laundering and terrorism financing. Therefore, the tolerance for the anonymity of cash is relatively low,” the official stated, adding:“The central bank’s digital currency is more portable. If it provides the same anonymity as cash, it will greatly facilitate illegal transactions such as money laundering. Therefore, the central bank’s digital currency should not have the same anonymity as cash.”Mu went on to say that regulators risk encountering “serious consequences” if they choose to only focus on privacy protection and ignore the risks associated with financial crimes. “Freedom without constraints is not true freedom,” he added.Despite rejecting anonymous online financial transactions, PBoC has still been working to ensure the privacy of the digital yuan. According to PBoC governor Yi Gang, the digital yuan has ambitions to be more privacy-enhanced than payment apps.Related: China’s BSN chair calls Bitcoin Ponzi, stablecoins ‘fine if regulated’The problem of user privacy has emerged as one of the biggest issues associated with CBDC projects worldwide. Regulators became puzzled about how to preserve digital privacy while also tracking transactions to prevent illicit financial activity.In May, the European Central Bank (ECB) suggested that “CBDC with anonymity” was preferable to traditional digital payments like bank deposits in another working paper related to the digital euro. The proposal came shortly after the ECB admitted that digital euro designs lacked privacy options.
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Crypto Biz: Helicopter CBDC money rains on Shenzhen, May 26—June 1
China’s pandemic-hit economy needs all the help it can get after a surge in COVID-19 infections triggered mass lockdowns across the country. In an attempt to revive consumption, the southern city of Shenzhen used Beijing’s central bank digital currency, or CBDC, to airdrop free money to local residents. A similar strategy was used in the northern Hebei province, where even more digital yuan was deployed. Think of all the things governments can do when they have full control over fiat money on-ramps. This week’s Crypto Biz newsletter explores China’s helicopter CBDC strategy, the latest funding news from the world of blockchain and whether Apple is getting closer to integrating nonfungible token (NFT) technology. Binance Labs’ $500M fund to catalyze crypto, Web3, blockchain adoptionThe biggest funding news of the week comes courtesy of Binance Labs, which announced plans to allocate a whopping $500 million to Web3 and blockchain startups. The new funding initiative, launched in partnership with DST Global Partners and Breyer Capital, will focus on incubation as well as early-stage and late-stage growth companies. Such mega funds are nothing new for crypto. But, it’s interesting that venture capital is pouring even more money into the industry at a time when crypto prices are plummeting. Things aren’t always what they seem at the surface.What is #Binance Labs? It’s the venture capital and incubation arm of #Binance that identifies, invests, and empowers viable blockchain entrepreneurs, startups, and communities. Learn more ⤵️https://t.co/4xl7jm7hRQ— Binance (@binance) May 30, 2022Goldman Sachs reportedly eyes crypto derivatives markets with FTX integrationGoldman Sachs’ foray into the crypto market appears to be deepening every week. The latest news is that the United States banking giant wants to onboard some of its derivatives products into FTX.US, one of the leading crypto derivatives exchanges. The reason for this integration, according to financial news outlet Barron’s, is that Goldman wants to offer crypto derivatives products using its own tools. It looks like Goldman’s derivatives customers will be joining retail in getting wrecked during the next major market downturn. Or, perhaps I’m being too negative? Read about liquidation cascades before you decide.City of Shenzhen airdrops 30M in free digital yuan to stimulate consumer spendingYou’ve heard of helicopter money before. Well, the city of Shenzhen is making it a reality by airdropping 30 million digital Chinese yuan (e-CNY) to local residents in an effort to boost consumer spending. To qualify for the airdrop, locals must register with the food delivery app Mietuan Dianping. If selected, they’ll have the ability to spend their digital yuan at more than 15,000 merchant terminals. For better or worse, you’re getting a glimpse into how governments will use central bank digital currencies to achieve macroeconomic objectives. But yes, there are plenty of downsides to CBDCs, too.Apple’s upcoming developer conference sparks rumors of NFT trading cardsApple’s upcoming Worldwide Developer Conference, also known as WWDC, has sparked interest from the crypto community amid rumors that the iPhone maker was looking to integrate NFT trading cards — the rumors aren’t unfounded, either. The fanatics over at MacRumors apparently clicked on the Memoji characters being showcased on new Apple devices and software models and discovered three trading card characters available to be claimed. The good news is we won’t have to wait long for the rumors to be either confirmed or squashed as WDCC takes place next week. Don’t miss it! How does the Fed impact your crypto?There has been a lot of talk about the Federal Reserve and interest rates over the past few months. After lying to us about inflation, the Fed has been forced to do a complete U-turn on monetary policy in order to bring down cost pressures. So, whether you like it or not, the cabal of central bankers who meet eight times a year have a major impact on your portfolio — and this includes crypto. In this week’s Market Report, we explain how the Fed is pulling the strings. Click below to watch a full replay of the show.[embedded content]Crypto Biz is your weekly pulse of the business behind blockchain and crypto delivered directly to your inbox every Thursday.
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Draft bill to ban China’s digital yuan from US app stores
Lawmakers in the United States are moving to protect the country from the potential undesirable impacts of the global adoption of China’s national digital currency.Three Republican senators, Tom Cotton, Mike Braun and Marco Rubio, introduced a bill on May 25, aiming to limit the use of China’s central bank digital currency (CBDC) in the United States.The bill is referred to as “Defending Americans from Authoritarian Digital Currencies Act” and proposes to prohibit the use of China’s digital currency payment system, e-CNY, for U.S. app stores and other purposes.The term “app store” covers all publicly accessible websites, software apps or other electronic services distributing apps from third-party developers to users of computers, mobile devices or any other “general-purpose computing device,” the senators noted.According to the bill, app and software distributors in the U.S. shall not support or enable transactions in e-CNY or support any app that features such transactions in the country.The senators reasoned that banning China’s digital yuan in the U.S. would help the nation avoid “direct control” and surveillance of users’ financial activity.Cotton, a known proponent of the U.S. digital dollar project, specifically argued that a CBDC could be used to spy on the financial activity of people, stating:“The Chinese Communist Party will use its digital currency to control and spy on anyone who uses it. We can’t give China that chance — the United States should reject China’s attempt to undermine our economy at its most basic level.”“We cannot allow this authoritarian regime to use their state-controlled digital currency as an instrument to infiltrate our economy and the private information of American citizens,” senator Braun said. “This is a major financial and surveillance risk that the United States cannot afford to make,” Rubio stated.Related: Brainard tells House committee about potential role of CBDC, future of stablecoinsChina is one of the world’s first countries to pilot its own digital currency, launching its first digital yuan trials in April 2019. Following multiple internal tests, the Chinese government has been actively promoting cross-border implementations of the digital yuan, working with central banks of Hong Kong, Singapore and others.U.S. authorities have been historically looking at the Chinese CBDC as a national security threat. In March, another bill also proposed to limit the use of China’s digital yuan as it may be used to circumvent sanctions and compromise users’ personal information.
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Residents of 3 Chinese cities paying taxes and charges with digital yuan
Residents in three major Chinese cities have begun paying tax, stamp duty and social security premiums using the country’s central bank digital currency — the digital yuan (e-CNY). According to a domestic news report, a number of government agencies in the Zhejiang province — located just south of Shanghai — are currently running real world trials programs that involve citizens using the digital yuan to pay taxes.The Zhejiang Taxation Bureau is working with the country’s central bank — the People’s Bank of China (PBoC) — to explore a variety of taxation payment methods using the digital yuan. The PBoC and affiliated local government agencies are reportedly looking to the next major test for the digital yuan, the Asian Games which will take place in Hangzhou in September. Local authorities claim that the digital yuan could be used to streamline calculating tax-related activities. Following the successful steps in the implementation of the digital RMB pilot program, which began public testing in April 2021, the PBoC stated that it will look to extend the program to more Chinese cities including Guangzhou, Tianjin and Chongqing. On the other side of the ledger to taxation, one local government has chosen to “airdrop” 15 million digital yuan ($2.25 million) to its residents hoping to boost consumer spending during the pandemic, and promote use of the new currency.Related: Hong Kong watchdog warns stablecoins could undermine HKD in CBDC paperRoughly 130,000 residents of the Futian district in Shenzhen will receive a share of the 15 million digital yuan (e-CNY) in the form of a red envelope via Chinese social media app, WeChat. The digital RMB airdrop marks the most recent government attempt to boost spending in areas of China most affected by the recent Covid-related lockdowns. In Chinese and other East Asian cultures, monetary gifts are often handed out in red packets or envelopes, as the colored wrapping bestows good wishes and luck upon the recipient. These developments extend China’s already significant lead in developing a central bank digital currency (CBDC) for public use, with the majority of countries still in the research stages of CBDC implementation. According to state media, transactions in digital yuan across China came to nearly 87.6 billion yuan by the close of 2021.
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