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 […]
China Minsheng Bank and JD.com Collaborate to Introduce Digital Yuan Payment Service
China’s Minsheng Bank has revealed a strategic partnership with JD.com, a prominent e-commerce giant with a strong interest in central bank digital currencies (CBDCs), to inaugurate a digital payment service powered by the digital Chinese Yuan (CNY). In a recent report by Shzhidao (via Sohu), Minsheng Bank’s customers located within the CBDC pilot zone can […]
Challenges and Prospects for BRICS Common Currency: Insights from Bank of Russia’s Governor
Unraveling BRICS Common Currency Challenges & Prospects: Bank of Russia’s Insights. Explore economic comparisons & complexities in this financial landscape.
Crypto-friendly DBS Bank launches digital yuan payment tool
Source: Cointelegraph Cryptocurrency-friendly bank DBS is cooperating with mainland China on the development of a new payment solution for the digital yuan, also known as e-CNY. DBS Bank China officially announced on July 5 the launch of the e-CNY merchant solution, allowing mainland businesses to receive payments in the central bank digital currency (CBDC). The new service […]
CBDCs on the horizon: The current state of CBDC initiatives around the world
Source: Cointelegraph Central bank digital currencies (CBDCs) have long been a topic of contested discussion, having often been met with a predominantly negative response in the crypto community. However, despite the skepticism, CBDCs undeniably serve as a significant use case for blockchain technology. BDCs distributed through blockchain technology can provide cheaper, faster and possibly more […]
Chinese Universities Begin Adopting Digital Yuan – Students to Lead CBDC Drive?
Source: CryptoNews Universities in China say they are adopting the digital yuan, and looking for ways to allow students to use the nation’s central bank digital currency (CBDC) in “every” aspect of their campus lives. In an interview with the Chinese media outlet Stockstar, one of the firms at the center of the adoption drive said it was targeting […]
