From Pilot to Policy: The Accelerated Adoption of Digital Currencies in MENA
A significant focus has been placed on the development of Central Bank Digital Currencies (CBDCs) within the Middle East and North Africa (MENA) region, highlighting the UAE’s strides in digital currency integration. A recent EY report outlined the UAE Central Bank’s ongoing efforts to incorporate the digital Dirham, inviting commercial banks and payment processors to […]
Free Transactions: A Hurdle for China’s Digital Currency Adoption?
The adoption of China’s central bank digital currency (CBDC), known as the digital renminbi (RMB), is said to be facing challenges for not having merchant fees. Unlike payment services like WeChat Pay and Alipay, the digital RMB doesn’t incur transaction fees for merchants, which initially seems beneficial. However, this lack of fees discourages point of […]
Shenzhen Welcomes Businesses with Benefits to its Digital Yuan Industrial Park
Companies across various sectors – from industrial firms, fintechs, commercial banks, to startups – that decide to set up shop in Shenzhen’s newly inaugurated digital yuan industrial zone will enjoy a suite of perks. These include settlement payments ranging from 500,000 to 50m yuan (roughly US$6.8m), up to three years of rent-free tenure, and loans […]
PetroChina Marks a Milestone with International Crude Oil Trade via Digital Yuan
In a historic move that showcases the evolving landscape of international trade and finance, PetroChina, a leading Chinese oil and gas firm, completed its first international crude oil transaction using the digital yuan. This pioneering transaction was highlighted in a report by China Daily on Saturday. PetroChina, stepping into uncharted territories, acquired a whopping 1 […]
Asian Games Prompt China to Enhance Digital Yuan Features for Hong Kong Visitors
In the run-up to the Asian Games, China has unveiled two enhancements to its central bank digital currency (CBDC). These changes facilitate Hong Kong travellers to replenish their digital yuan wallets via Hong Kong’s Faster Payment System, as well as through Visa or Mastercard accounts. Although integration efforts between Hong Kong and the digital RMB […]
HKMA: Project mBridge set for minimum viable product by the middle of 2024
The Hong Kong Monetary Authority (HKMA) has unveiled that the mBridge project is expected to introduce a minimum viable product by the middle of 2024. If mBridge’s implementation is successful, it may pose a challenge to Swift’s leading payment system and could influence similar shifts in payment methods across different regions. Developed in partnership by […]
Chinese Institutions Use Digital Yuan for Gold Recycling and Land Registry Payments
The Shenzhen Branch of the People’s Bank of China (PBoC) has collaborated with the Shanghai Gold Exchange to pioneer a gold recycling initiative powered by China’s Digital Yuan CBDC. Other contributors to this project include the Shenzhen Futian District local government, the Shenzhen Branch of the China Construction Bank, and Jinyafu, a gold trading company. […]
Project mBridge Set for Major Expansion, says Hong Kong Monetary Authority (HKMA) CEO
Eddie Yue, CEO of the Hong Kong Monetary Authority (HKMA), has highlighted upcoming plans to expand the mBridge project, a central bank digital currency (CBDC) initiative, during a recent address in Shanghai. Yue emphasised that mBridge has demonstrated its capacity for more efficient, cost-effective, and transparent cross-border transactions. The project came to life in 2021, […]
Travellers in China Can Now Top-Up Digital Yuan Wallets with Visa and Mastercard
China has enhanced its digital renminbi services to further elevate its digital currency’s stature and simplify transactions for foreign visitors. Given the prevalence of mobile payments in China, these advancements are set to provide foreign users with a more seamless experience during their stay, experts suggest. They anticipate additional initiatives to push forward the digital […]
Japanese Startup Soramitsu Harnesses CBDCs and Stablecoins for Cross-Border Payments
Japanese Blockchain startup, Soramitsu, is embarking on a venture that involves harnessing stablecoins and central bank digital currencies (CBDCs) to forge connections among various Asian nations. Soramitsu’s initiative revolves around a cross-border payment system tailored for Asian countries. The company plans to integrate Cambodia’s CBDC and fiat-pegged stablecoins into its payment network, with a specific […]