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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.
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. […]
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.
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 [...]
The post Bybit CEO: Strengthened BTC as Chinese Capital Flows to Crypto Amid Weaker Yuan appeared first on Crypto Breaking News.
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 [...]
The post Bitcoin Surges as Traders Identify China’s Weak Yuan Chart, Despite US Trade War Limiting $80K BTC Rally appeared first on Crypto Breaking News.
Signs are pointing to gains for the altcoin market as the CNH/USD bottom is marked by analyst Michaël van de Poppe.
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.
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. [...]
The post China Makes Advances in Ditching the US Dollar for Settlements — Inks Deal With Brazil and Completes First Yuan LNG Purchase appeared first on Crypto Breaking News.
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 [...]
The post Chinese Yuan to Replace US Dollar as World’s Reserve Currency, Says Russian Banker appeared first on Crypto Breaking News.
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
The post Almost 50 Russian Banks Accept Yuan Deposits Amid Low Demand for Dollar Accounts appeared first on BTC Ethereum Crypto Currency Blog.
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
The post Argentina to Settle Chinese Imports in Yuan to Safeguard Dwindling Dollar Reserves appeared first on BTC Ethereum Crypto Currency Blog.
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 [...]
The post Economist Predicts Shift to Tripolar Reserve Currency World — Yuan, Euro to Disrupt US Dollar’s Dominance appeared first on Crypto Breaking News.
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
The post Shanghai Clearing House Introduces Support for Digital Yuan Settlements appeared first on BTC Ethereum Crypto Currency Blog.
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 [...]
The post Former Treasury Official Warns of Complete Economic Implosion if US Dollar Loses Global Reserve Currency Status appeared first on Crypto Breaking News.
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
The post Yuan Usage Soars in Argentina: Over 500 Companies Request to Pay for Imports in Chinese Currency, Report appeared first on BTC Ethereum Crypto Currency Blog.
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 [...]
The post Argentina to Expand De-Dollarization Efforts; Seeks Extension of Yuan Based Swap Line With China appeared first on Crypto Breaking News.
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 [...]
Russian President Vladimir Putin has stated that the decentralization of the finance system might benefit the global economy, allowing it to be more resilient in the long run. At the second Eurasian Economic Forum, Putin explained that building this decentralized system would allow for a depoliticized global economic arena, contributing to withstand crises derived from
The post Putin Believes Decentralization Will Help Global Economy Be More Resilient appeared first on BTC Ethereum Crypto Currency Blog.
China is promoting the use of its digital yuan, also known as e-CNY, for cross-border trade in its Belt and Road initiative. The city of Xuzhou plans to allow the use of e-CNY to pay for services and storage charges for goods carried by cross-border trains, with plans to extend its usage to pay taxes and utility services in the city. The Hong Kong Monetary Authority is also testing the digital yuan as a cross-border payment tool in the Guangdong-Hong Kong-Macau Greater Bay Area, while the Chinese government ramps up its CBDC efforts amid a shift away from the U.S. dollar in international trade markets. (Read More)
The larger portion of payments between Russia and China are now processed using the currencies of the two countries, Prime Minister Mikhail Mishustin revealed. Moscow and Beijing intend to increase mutual trade beyond the $200-billion target this year, added the head of the Russian government. Mishustin: 70% of Settlements Between Russia and China Conducted in [...]
The post Russia and China Carry Out Most Settlements in Yuan and Ruble, Russian PM Mikhail Mishustin Says appeared first on Crypto Breaking News.
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