• Home
  • Login
  • Register
The Central Bank Digital Currency Insider
  • Home
  • Map
  • Reading Library
  • CBDC Think Tank
  • Partners
    • DEA
SUBSCRIBE
No Result
View All Result
  • Home
  • Map
  • Reading Library
  • CBDC Think Tank
  • Partners
    • DEA
No Result
View All Result
The Central Bank Digital Currency Insider
No Result
View All Result

China Releases Digital Yuan Whitepaper; Reveals CBDC Transactions Top $5.3 Billion

by CBDC Insider
July 16, 2021
in Asia, Business
Reading Time: 1min read
0
China Releases Digital Yuan Whitepaper; Reveals CBDC Transactions Top $5.3 Billion
Share on FacebookShare on Twitter

China has finally released its long-awaited digital yuan whitepaper, revealing, for the first time, the features of the vastly advanced central bank digital currency. The People’s Bank of China, in the whitepaper, also outlined some of the targets it has set for the CBDC, including financial inclusion and cross-border transfers. It also revealed that in the pilot phases that started last year, it has processed over $5 billion in digital yuan transactions.

China has established itself as the undisputed leader in the CBDC arms race. And while some countries like the Bahamas have already launched their CBDCs, China is the first major economy that seems to be edging closer to a digital currency. And now, for the first time, the world is able to dig deeper into the CBDC, also known as the digital renminbi, or e-CNY.

China started developing the CBDC in 2014, partly motivated by the rise of Bitcoin, which the PBoC describes as “claiming to be decentralized and entirely anonymous.”

RELATED STORIES

Taiwan’s CBDC Project Needs At Least Two More Years, Says Central Bank Governor

Taiwan’s CBDC Project Needs At Least Two More Years, Says Central Bank Governor

June 30, 2022
Montran and eCurrency Announce the Very First CBDC Solution

Montran and eCurrency Announce the Very First CBDC Solution

June 30, 2022

However, given their [cryptos]lack of intrinsic value, acute price fluctuations, low trading efficiencies and huge energy consumption, they can hardly serve as currencies used in daily economic activities. In addition, cryptocurrencies are mostly speculative instruments, and therefore pose potential risks to financial security and social stability.

The PBoC isn’t a big fan of stablecoins either, predictably so. It believes that these stablecoins will “bring risks and challenges to the international monetary system, payment and clearing system, monetary policies, cross-border capital flow management and etc.”

Download the whitepaper here

Read more: https://www.crypto-news-flash.com/china-releases-digital-yuan-whitepaper-reveals-cbdc-transactions-top-5-3-billion/

Previous Post

Japan is Increasing Vigilance on Crypto to Hire More Employees and Explore CBDC

Next Post

China’s Central Bank Says Crypto Gave Impetus to the Creation of its CBDC

Next Post
China’s Central Bank Says Crypto Gave Impetus to the Creation of its CBDC

China’s Central Bank Says Crypto Gave Impetus to the Creation of its CBDC

© 2022 CBDC Insider

No Result
View All Result
  • Home
  • Map
  • Reading Library
  • CBDC Think Tank
  • Partners
    • DEA
  • Login
  • Register