Chinese court sentences gang for money laundering using digital yuan

The Chinese CBDCs controllable anonymity seems to be very highly controlled.

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Chinas Industrial Bank rewards digital yuan spending with carbon credits

Industrial Bank (CIB) introduces carbon credit rewards for digital yuan use, promoting green finance and expanding the e-CNY ecosystem.

The post China’s Industrial Bank rewards digital yuan spending with carbon credits appeared first on Crypto Briefing.

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Crypto exchanges exit Hong Kong license race ahead of May deadline

The queue of crypto exchanges for operational licenses in Hong Kong is shrinking as seven exchanges, including IBTCEX and Huobi HK, withdraw applications ahead of the May 31 deadline.

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Hong Kong digital yuan pilot lacks P2P capabilities

While Hong Kong residents can sign up for a digital yuan wallet with a phone number, the CBDC is currently restricted to cross-border transactions and cannot be used for person-to-person transfers within Hong Kong.

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Chinas CBDC Faces Hesitancy Among Users, Privacy Concerns Loom

China’s ambitious venture into the realm of Central Bank Digital Currency (CBDC) is facing hurdles as reports emerge of hesitancy among participants in the pilot program. The state-backed digital yuan, often referred to as e-CNY, is encountering resistance from users who are reluctant to hold onto it, citing various concerns regarding its utility and privacy. […]

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Chinese workers paid in CBDC are cashing it out for real money: Report

Some participants of Chinas CBDC pilot program are reportedly hesitant to hold onto the digital yuan, citing a range of concerns with using the state-backed digital currency.

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Bybit CEO: Strengthened BTC as Chinese Capital Flows to Crypto Amid Weaker Yuan

China’s Response to Tariffs Boosts Bitcoin Outlook In a move to counter tariffs imposed on Chinese goods by the United States, China has strategically devalued its currency, the yuan. This decision has not only shocked global markets but has also led to a surge in Bitcoin’s value. By devaluing the yuan, China makes its exports [...]

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Bitcoin Surges as Traders Identify Chinas Weak Yuan Chart, Despite US Trade War Limiting $80K BTC Rally

Bitcoin is seeing a resurgence in value as traders take notice of a weakening yuan in China. The charts are showing a positive trend for the cryptocurrency, but the ongoing trade war between the US and China is limiting its potential for an $80,000 BTC rally. The digital currency market has been experiencing ups and [...]

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Altcoins Poised for Rally After CNH/USD Bottoms: Analyst

Signs are pointing to gains for the altcoin market as the CNH/USD bottom is marked by analyst Michaël van de Poppe.

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China to gain most from restrictive US crypto regulations: Coinbase CEO

The Coinbase CEO has been hugely critical of the U.S. failure to provide the crypto industry with regulatory clarity and has long argued it will push firms offshore.

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China Makes Advances in Ditching the US Dollar for Settlements — Inks Deal With Brazil and Completes First Yuan LNG Purchase

China has been advancing its goal of positioning the yuan as an alternative to the U.S. dollar for settling international payments. The Chinese government recently struck a bilateral deal with Brazil to settle trades using their national currencies and completed a purchase of Liquefied Natural Gas (LNG) with a French company using yuan as payment. [...]

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Chinese Yuan to Replace US Dollar as World’s Reserve Currency, Says Russian Banker

Russia’s second-largest bank’s chairman says there is every reason to expect the Chinese yuan to replace the U.S. dollar as the world’s main reserve currency. He highlighted that the central bank of Russia has already begun investing its reserves in yuan, and over 70% of the trade turnover between Russia and China is settled in [...]

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Almost 50 Russian Banks Accept Yuan Deposits Amid Low Demand for Dollar Accounts

A growing number of banking institutions in Russia are offering customers the option to save in Chinese yuan. The trend coincides with declining demand for U.S. dollar and euro deposits amid currency restrictions that triggered a flight of funds to bank accounts abroad. Demand for Dollar, Euro Accounts Expected to Drop Further, Requests for Yuan

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Argentina to Settle Chinese Imports in Yuan to Safeguard Dwindling Dollar Reserves

The economy minister of Argentina, Sergio Massa, announced that starting this month, payments for imports coming from China will be settled using the Chinese yuan. The agreement, which will allow the country to safeguard its dwindling dollar reserves, involves the disbursement of more than $1 billion in April. Argentina to Settle Bilateral Transactions With China

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Economist Predicts Shift to Tripolar Reserve Currency World — Yuan, Euro to Disrupt US Dollar’s Dominance

Economist Stephen Jen, a former Morgan Stanley managing director, expects a shift “from a unipolar reserve currency world to a multipolar world,” with the Chinese yuan, the euro, and the U.S. dollar forming a “tripolar” reserve currency configuration. ‘A Multipolar World’ Economist Stephen Jen, the CEO of asset management firm Eurizon SLJ, expects multiple currencies [...]

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Shanghai Clearing House Introduces Support for Digital Yuan Settlements

The Shanghai Clearing House, Asia’s first counterparty clearing institution, announced support for payments made with the digital yuan Monday. According to reports, the move will allow companies to settle transactions for commodities in bulk, promoting the digital yuan, the Chinese central bank digital currency (CBDC), in international markets. Shanghai Clearing House to Support Digital Yuan

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Former Treasury Official Warns of Complete Economic Implosion if US Dollar Loses Global Reserve Currency Status

Former Assistant Secretary for Public Affairs for the U.S. Department of the Treasury Monica Crowley has warned of “catastrophic” consequences if the U.S. dollar loses its status as the world’s reserve currency. “That would mean the end of the U.S. dollar,” she said, predicting that “there would be a complete implosion of the global economic [...]

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Yuan Usage Soars in Argentina: Over 500 Companies Request to Pay for Imports in Chinese Currency, Report

Over 500 companies in Argentina have reportedly requested to pay for imports using Chinese yuan as the U.S. dollar shortage worsens. “The central bank doesn’t have dollars so it needs the emergency aid China is offering,” a trade economist in Buenos Aires explained. Chinese Yuan Usage Hits Record High in Argentina The Argentine customs agency

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Argentina to Expand De-Dollarization Efforts; Seeks Extension of Yuan Based Swap Line With China

The government of Argentina is reportedly seeking to expand its de-dollarization agreement with China due to the lack of dollars that the country is facing. According to reports, Economy Minister Sergio Massa would be in talks to expand the current swap line to double the available amount from $5 to $10 billion, lent in Chinese [...]

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Shanghai Clearing House Launches Commodities Trading in Digital Yuan

On Monday, the Shanghai Clearing House, a financial services clearing counterparty under China’s central bank, began digital yuan clearing and settlement services for trading in [...]

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