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šāļø The International Air Transport Association (IATA) announced the integration of the digital yuan into its new payment methods. Starting at the end of this year, China's CBDC will be part of the Billing and Settlement Plan (BSP) of the organization, which groups more than 330 airlines in 120 countries.
Get informed with the full note š
Do you think other economies will adopt digital currencies in their payment systems? š¤
š = China will lead this global change.
š = Only some economies will do so.
šš¼ = All will follow this path.
#China #yuan #CBDC #EconomĆaDigital #EconomiaGlobal
Get informed with the full note š
Do you think other economies will adopt digital currencies in their payment systems? š¤
š = China will lead this global change.
š = Only some economies will do so.
šš¼ = All will follow this path.
#China #yuan #CBDC #EconomĆaDigital #EconomiaGlobal
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Digital Yuan Growth: Transactions Reach $1 Billion in China
The digital yuan key to the expansion of the Chinese financial system and its global influence, according to the People's Bank of China
The digital yuan, also known as e-CNY, has proven to be a crucial component of China's financial system. Since its introduction, this digital asset has rapidly gained popularity, recently achieving an impressive milestone: transactions exceeding 7.3 trillion yuan, equivalent to approximately $1 trillion. This remarkable adoption of the digital yuan reflects not only its ease of use, but also China's ambition to set a new standard in the digital economy.
Growth of Digital Yuan Adoption
By the end of July 2023, more than 180 million individual wallets using the digital yuan had been created. This figure highlights the growing acceptance and familiarity of users with this new form of currency. The Peopleās Bank of China (PBOC) has been a key driver in this transformation, providing a regulatory framework and promoting the integration of the digital yuan into citizensā daily lives. Projections indicate that digital yuan adoption will continue to grow, especially with the help of the governmentās commitment to digital financial education.
Structure and Functioning of the Digital Yuan
The digital yuan operates under a two-tier system: the PBOC oversees central administration and commercial institutions handle distribution to end users. This approach provides an efficient structure that combines the benefits of accounts and tokens, allowing users to transact without needing internet access. This aspect is particularly valuable in areas where connectivity can be a challenge, thus fostering financial inclusion.#China #yuan #Petroleo #Regulation #BecomeCreator
The digital yuan key to the expansion of the Chinese financial system and its global influence, according to the People's Bank of China
The digital yuan, also known as e-CNY, has proven to be a crucial component of China's financial system. Since its introduction, this digital asset has rapidly gained popularity, recently achieving an impressive milestone: transactions exceeding 7.3 trillion yuan, equivalent to approximately $1 trillion. This remarkable adoption of the digital yuan reflects not only its ease of use, but also China's ambition to set a new standard in the digital economy.
Growth of Digital Yuan Adoption
By the end of July 2023, more than 180 million individual wallets using the digital yuan had been created. This figure highlights the growing acceptance and familiarity of users with this new form of currency. The Peopleās Bank of China (PBOC) has been a key driver in this transformation, providing a regulatory framework and promoting the integration of the digital yuan into citizensā daily lives. Projections indicate that digital yuan adoption will continue to grow, especially with the help of the governmentās commitment to digital financial education.
Structure and Functioning of the Digital Yuan
The digital yuan operates under a two-tier system: the PBOC oversees central administration and commercial institutions handle distribution to end users. This approach provides an efficient structure that combines the benefits of accounts and tokens, allowing users to transact without needing internet access. This aspect is particularly valuable in areas where connectivity can be a challenge, thus fostering financial inclusion.#China #yuan #Petroleo #Regulation #BecomeCreator
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Chinese markets up 3%. China unleashed a powerful policy mix to support the market and the economy this morning.
1. 50bp RRR cut providing RMB 1trn of long-term liquidity
2. 20bp 7-day reverse repo rate cut
3. 30bp 1-year MLF rate cut
4. The mentioned RRR may be reduced by another 25-50bp before the end of the year.
* 5. Providing 500bn of funds from the People's Bank of China to buy stocks. This is a very interesting new way to support the stock market as market support has so far been reserved for domestic teams. *
6. The deposit rate will also be reduced to āneutralizeā the impact on bank margins
7. Lower the existing mortgage rate
Before todayās news, the market was at a critical technical level, just below 2700. At this level, any positive news will trigger a power rally.
The governor of the Peopleās Bank of China, Pan Pan, said: āIf 500 billion is not enough, then we can put in another 500 billion.ā Basically, the Peopleās Bank of China is saying that stocks must be accumulated. The market has finally come back to life.
If the Ministry of Finance could complete this by holding a press conference in the afternoon, it would be a perfect day.#China #EconomiaGlobal #yuan #MarketDownturn #MarketSentimentToday
1. 50bp RRR cut providing RMB 1trn of long-term liquidity
2. 20bp 7-day reverse repo rate cut
3. 30bp 1-year MLF rate cut
4. The mentioned RRR may be reduced by another 25-50bp before the end of the year.
* 5. Providing 500bn of funds from the People's Bank of China to buy stocks. This is a very interesting new way to support the stock market as market support has so far been reserved for domestic teams. *
6. The deposit rate will also be reduced to āneutralizeā the impact on bank margins
7. Lower the existing mortgage rate
Before todayās news, the market was at a critical technical level, just below 2700. At this level, any positive news will trigger a power rally.
The governor of the Peopleās Bank of China, Pan Pan, said: āIf 500 billion is not enough, then we can put in another 500 billion.ā Basically, the Peopleās Bank of China is saying that stocks must be accumulated. The market has finally come back to life.
If the Ministry of Finance could complete this by holding a press conference in the afternoon, it would be a perfect day.#China #EconomiaGlobal #yuan #MarketDownturn #MarketSentimentToday
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š„Greeniesš„
š„INCREDIBLEš„
šØš³China PLANS to issue up to 6 trillion yuan in bonds to finance an AGGRESSIVE ECONOMIC STIMULUS šš„
KEEP THE PARTY GOING š„³ š
#yuan #China #MercadosFinancieros #MercadoCripto #Finance $BTC
š„INCREDIBLEš„
šØš³China PLANS to issue up to 6 trillion yuan in bonds to finance an AGGRESSIVE ECONOMIC STIMULUS šš„
KEEP THE PARTY GOING š„³ š
#yuan #China #MercadosFinancieros #MercadoCripto #Finance $BTC
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The Chinese government šØš³ had announced a debt swap program of 10 trillion yuan ($1.4 trillion) to help local governments refinance their debt.
This stimulus is approximately equivalent to 7.87% of China's GDP in 2023 š¤Æ
#China #yuan #Criptomonedas #Finance #PIB
This stimulus is approximately equivalent to 7.87% of China's GDP in 2023 š¤Æ
#China #yuan #Criptomonedas #Finance #PIB
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Hong Kong wants a stablecoin backed by the Chinese yuan
The Hong Kong General Chamber of Commerce (HKGCC) has submitted a proposal for the issuance of a stablecoin pegged to the Chinese yuan (RMB). The measure, which has aroused great interest in the financial field, is part of a set of strategies to promote the internationalization of the yuan (RMB).
Likewise, it seeks to encourage the adoption of the Digital Asset Connection Scheme, which could handle up to 20 billion HKD (Hong Kong Dollar) daily (about 2 billion dollars). Through this proposal, Hong Kong, in addition to seeking to promote the international adoption of the yuan and facilitate international commercial transactions, aims to strengthen its position as a global financial center
The proposal, according to HKGCC, has the approval of the Chinese mainland government, chaired by Xi Jinping. China has even allowed the creation of the well-known HKD-RMB Dual Counter Model, which facilitates investment and operations with Chinese assets from Hong Kong.
The designed strategy makes it clear that the implementation of a stablecoin pegged to the Chinese yuan could strengthen economic ties between Hong Kong and China, while offering new opportunities for international trade and investment. Hong Kong's proposal adds to a growing global interest in the development of stablecoins backed by national currencies. Similar initiatives from other countries seek to promote the adoption of local currencies and improve the efficiency of international transactions.
The proposal for a stablecoin pegged to the Chinese yuan in HK represents a significant step towards the integration of cryptocurrencies into the global financial system.
As this proposal progresses, it will be crucial to address the regulatory and technical challenges, while assessing its potential benefits to the economy of HK, a city in a two-system country.
#CBDC #yuan #Bitcoin #BTC $BTC $ETH $USDC
The Hong Kong General Chamber of Commerce (HKGCC) has submitted a proposal for the issuance of a stablecoin pegged to the Chinese yuan (RMB). The measure, which has aroused great interest in the financial field, is part of a set of strategies to promote the internationalization of the yuan (RMB).
Likewise, it seeks to encourage the adoption of the Digital Asset Connection Scheme, which could handle up to 20 billion HKD (Hong Kong Dollar) daily (about 2 billion dollars). Through this proposal, Hong Kong, in addition to seeking to promote the international adoption of the yuan and facilitate international commercial transactions, aims to strengthen its position as a global financial center
The proposal, according to HKGCC, has the approval of the Chinese mainland government, chaired by Xi Jinping. China has even allowed the creation of the well-known HKD-RMB Dual Counter Model, which facilitates investment and operations with Chinese assets from Hong Kong.
The designed strategy makes it clear that the implementation of a stablecoin pegged to the Chinese yuan could strengthen economic ties between Hong Kong and China, while offering new opportunities for international trade and investment. Hong Kong's proposal adds to a growing global interest in the development of stablecoins backed by national currencies. Similar initiatives from other countries seek to promote the adoption of local currencies and improve the efficiency of international transactions.
The proposal for a stablecoin pegged to the Chinese yuan in HK represents a significant step towards the integration of cryptocurrencies into the global financial system.
As this proposal progresses, it will be crucial to address the regulatory and technical challenges, while assessing its potential benefits to the economy of HK, a city in a two-system country.
#CBDC #yuan #Bitcoin #BTC $BTC $ETH $USDC
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Huawei integrates the digital yuan into HarmonyOS NEXT for up to one billion users
No longer necessary to download or open an app to pay with the Chinese CBDC on Huawei phones
Founder of Cysic: ZK proofs are more affordable than traditional identification systems
According to World Bank data, it is estimated that one billion people worldwide lack official identification credentials
The judge postpones the trial of the co-founder of Tornado Cash to April 2025
Roman Storm, currently out on bail and facing three federal charges, will have four more months to prepare for his criminal trial
Top crypto news of the week: Microsoft considers investing in Bitcoin, the U.S. suffered a million-dollar crypto theft, derivatives boost BTC and more
What have been the most popular crypto news stories this week? Let's take a detailed look back at what happened so we don't miss anything. What happened with bitcoin, blockchain, and the crypto ecosystem over the last seven days?
#CBDC #Blockchain #Bitcoin #EEUU #yuan $BTC
No longer necessary to download or open an app to pay with the Chinese CBDC on Huawei phones
Founder of Cysic: ZK proofs are more affordable than traditional identification systems
According to World Bank data, it is estimated that one billion people worldwide lack official identification credentials
The judge postpones the trial of the co-founder of Tornado Cash to April 2025
Roman Storm, currently out on bail and facing three federal charges, will have four more months to prepare for his criminal trial
Top crypto news of the week: Microsoft considers investing in Bitcoin, the U.S. suffered a million-dollar crypto theft, derivatives boost BTC and more
What have been the most popular crypto news stories this week? Let's take a detailed look back at what happened so we don't miss anything. What happened with bitcoin, blockchain, and the crypto ecosystem over the last seven days?
#CBDC #Blockchain #Bitcoin #EEUU #yuan $BTC
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China pushes for digital yuan with 180 million registered wallets and Ā„7.3 trillion in transactions
China's push towards a central bank digital currency (CBDC) has reached a new milestone with 180 million registered personal wallets and a total transaction volume amounting to Ā„7.3 trillion (approximately $1.02 trillion USD), according to recent reports. This development reinforces the Asian country's stance as a pioneer in the adoption of the digital renminbi currency or e-CNY, consolidating its role in the transformation of the digital financial system.
According to comments by Changchun Mu, general manager of the Digital Currency Institute of the People's Bank of China (PBoC), the digital yuan has shown accelerated growth in pilot regions. Key cities such as Shenzhen and Beijing have been main stages for the development and testing of the digital currency, allowing millions of users to adopt this new digital payment system. The launch of the official e-CNY app has facilitated its integration into everyday sectors such as retail and public transportation, helping to popularize the use of the digital yuan in various economic activities.
This development is part of a long-term effort by the PBoC, which has been working on the development of the digital yuan since 2014. Recent developments not only demonstrate China's commitment to technological innovation, but also reflect the growing acceptance of the digital currency among citizens.
Despite the success in terms of registration and transaction volume, the digital yuan still faces challenges in its widespread adoption. Some users, including employees of state-owned banking institutions, have expressed concerns about the limited functionality of the wallets.#China #yuan #CBDC #Blockchain #wallet
China's push towards a central bank digital currency (CBDC) has reached a new milestone with 180 million registered personal wallets and a total transaction volume amounting to Ā„7.3 trillion (approximately $1.02 trillion USD), according to recent reports. This development reinforces the Asian country's stance as a pioneer in the adoption of the digital renminbi currency or e-CNY, consolidating its role in the transformation of the digital financial system.
According to comments by Changchun Mu, general manager of the Digital Currency Institute of the People's Bank of China (PBoC), the digital yuan has shown accelerated growth in pilot regions. Key cities such as Shenzhen and Beijing have been main stages for the development and testing of the digital currency, allowing millions of users to adopt this new digital payment system. The launch of the official e-CNY app has facilitated its integration into everyday sectors such as retail and public transportation, helping to popularize the use of the digital yuan in various economic activities.
This development is part of a long-term effort by the PBoC, which has been working on the development of the digital yuan since 2014. Recent developments not only demonstrate China's commitment to technological innovation, but also reflect the growing acceptance of the digital currency among citizens.
Despite the success in terms of registration and transaction volume, the digital yuan still faces challenges in its widespread adoption. Some users, including employees of state-owned banking institutions, have expressed concerns about the limited functionality of the wallets.#China #yuan #CBDC #Blockchain #wallet
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As the digital yuan becomes more widespread, charities in China have agreed to take steps to accept donations using this new technology.
Digital yuan (China's central bank digital currency)
#BinanceTournament #cbdc #yuan #cryptocurrency #btc $BTC $BNB $ETH
Digital yuan (China's central bank digital currency)
#BinanceTournament #cbdc #yuan #cryptocurrency #btc $BTC $BNB $ETH