Chinese visitors will soon be able to use digital yuan for “tourist spending” in Singapore as part of a pilot to test the use of China’s central bank digital currency (CBDC) for cross-border payments... More
Industrial enterprises, fintechs, commercial banks, start-ups and other businesses relocating to China’s newly opened digital yuan industrial park in the city of Shenzhen will receive incentives including settlement payments of between 500,000 and 50m yuan (US$6.8m), free rent for up to three years and loans with favourable interest rates... More
The digital yuan has been used to make 360m transactions worth a total of more than 100bn yuan (US$14bn) since China began piloting the central bank digital currency (CBDC) in December 2019, up from total cumulative transaction values worth 87.6bn yuan (US$12bn) at the end of 2021, according to the People’s Bank of China (PBOC)... More
Nearly one in five Chinese consumers have downloaded the country’s official digital yuan wallet app (19%), with the majority of them mainly using the central bank digital currency (CBDC) for ecommerce purchases (72%) and payments for public services such as transportation (67%), a survey by US research firm Morning Consult has found... More
China has issued an update to the pilot version of its digital yuan wallet app for Apple users that is “adapted to the iOS 15.4 system changes” released this week, and has uncovered an attempt to use the central bank digital currency (CBDC) in a fraud and money laundering case, according to local media reports... More
China is to launch trials of its central bank digital currency (CBDC) in more cities and regions across the country after rolling out a pilot version of the digital yuan wallet app in January and trialling the CBDC during the Beijing Winter Olympics... More
Chinese consumers can now make online payments for purchases from the JD.com ecommerce app using digital yuan stored on a physical card or hard wallet via their Android NFC smartphone... More
Nearly 21m (20.87m) personal and 3.51m corporate digital yuan wallets have so far been issued during China’s ongoing trials of its central bank digital currency (CBDC), the People’s Bank of China (PBOC) has revealed... More
The Hong Kong Monetary Authority (HKMA) is launching “a comprehensive study” that will explore the use cases, benefits and risks of developing a digital Hong Kong dollar as a central bank digital currency (CBDC)... More