Not Binding to a Bank Account, China will Push Digital Currency in the Greater Bay Area, Aim to Replace Notes and Coins.
In July, Lithuania, an Eastern European country, was the first in the world having a digital currency issued by Central Bank. Now China's Ministry of Commerce is preparing to launch a test on digital Renminbi. It announced the proposal of "Overall Plan for Comprehensively Deepening the Innovative Development of Trade in Services" yesterday, which stated several eligible regions across the country to become digital RMB test sites.
These test sites include the Jing-Jin-Ji region, Yangtze River Delta region, Midwest China, and the Greater Bay Area (Pearl River Delta). The People's Bank of China (PBoC) will formulate policies to support the development of the digital currency, then will promote in Shenzhen, Chengdu, Suzhou and the Xiongan New Area, as well as in the winter Olympic venues, before expanding to other regions, based on the results in these pilot areas. The PBoC has collaborated with multiple internet companies, such as DiDi and Meituan Dianping, to study the application of digital currency.
Fan Yifei, Vice Governor of the PBoC, said that China's digital Renminbi was the effort to replace banknotes and coins, and to maintain the attributes and key features of banknotes while satisfying the need for portability and anonymity. Unlike WeChat and Alipay, which are popular in China, digital RMB does not require any bank account or bank card to be tied for payment.
At the video conference held by the PBoC on August 3, it mentioned that the testing of the digital currency had started smoothly, and would actively promote its research and development (R&D) in the second half of this year. Although the digital RMB was being tested on a pilot basis, the Governor of the PBoC, Yi Gang, stressed that this was just part of the R&D process. It does not mean that China officially launch the digital RMB, nor there is a timetable for its launch. He believed that the research, development and application of legal tender could meet the public's demand for legal tender in the digital economy and enhance the convenience, security and anti-counterfeit standard of retail payments.
#Renminbi #DigitalCurrency #PBoC
Source: Unwire #Aug15
https://unwire.hk/2020/08/15/digital-rmb-trial-confirmed/life-tech/
In July, Lithuania, an Eastern European country, was the first in the world having a digital currency issued by Central Bank. Now China's Ministry of Commerce is preparing to launch a test on digital Renminbi. It announced the proposal of "Overall Plan for Comprehensively Deepening the Innovative Development of Trade in Services" yesterday, which stated several eligible regions across the country to become digital RMB test sites.
These test sites include the Jing-Jin-Ji region, Yangtze River Delta region, Midwest China, and the Greater Bay Area (Pearl River Delta). The People's Bank of China (PBoC) will formulate policies to support the development of the digital currency, then will promote in Shenzhen, Chengdu, Suzhou and the Xiongan New Area, as well as in the winter Olympic venues, before expanding to other regions, based on the results in these pilot areas. The PBoC has collaborated with multiple internet companies, such as DiDi and Meituan Dianping, to study the application of digital currency.
Fan Yifei, Vice Governor of the PBoC, said that China's digital Renminbi was the effort to replace banknotes and coins, and to maintain the attributes and key features of banknotes while satisfying the need for portability and anonymity. Unlike WeChat and Alipay, which are popular in China, digital RMB does not require any bank account or bank card to be tied for payment.
At the video conference held by the PBoC on August 3, it mentioned that the testing of the digital currency had started smoothly, and would actively promote its research and development (R&D) in the second half of this year. Although the digital RMB was being tested on a pilot basis, the Governor of the PBoC, Yi Gang, stressed that this was just part of the R&D process. It does not mean that China officially launch the digital RMB, nor there is a timetable for its launch. He believed that the research, development and application of legal tender could meet the public's demand for legal tender in the digital economy and enhance the convenience, security and anti-counterfeit standard of retail payments.
#Renminbi #DigitalCurrency #PBoC
Source: Unwire #Aug15
https://unwire.hk/2020/08/15/digital-rmb-trial-confirmed/life-tech/
Unwire.hk
數碼人民幣大灣區落實試推 毋須綁定銀行卡 目標取代紙幣硬幣
東歐國家立陶宛於 7 月成為全球首個，由中央銀行發行數碼貨幣的國家，如今中國商務部亦準備開展數碼人民幣測試。中國商務部昨日公佈《全面深化服務貿易創新發展試點總體方案》，當中提到在全國多個符合條件的地區將會成為數碼人民幣試點。
Chinese Authorities Target Jack Ma's #Alibaba and #AntGroup in Anti-monopoly Probe
The Chinese authorities is currently placing Alibaba, a conglomerate owned by Chinese entrepreneur Jack Ma, under "anti-monopoly investigation". It was reported that Ma would also be summoned.
Just right before Christmas, China's state-owned media including Xinhua Agency and Economic Daily published articles and commentaries, demanding Ant Group to "serve the people's needs and economic development".
Ant Group then released a statement earlier, claiming that it would "diligently study and strictly comply with regulatory departments' requests". Alibaba shares dropped by 7 percent when the news was heard by thr market.
On Dec 26, 2020, four state regulators in China, namely People's Bank of China (#PBOC), China Banking and Insurance Regulatory Commission, China Securities Regulatory Commission and State Administration of Foreign Exchange, has conducted "supervisory and guidance" talks with Ant Group, a subsidiary of Alibaba offering financial services, with one of the goals to "realize the spirit of the Party leadership and the State Council".
According to People's Bank of China vice chairman Pan Gongsheng after the "talks" on Dec 26, Ant Group issues included "poor corporate governance, ignorance of regulatory demands, illegal regulatory arbitrary, the use of its market advantage to take oit competitors", and so on.
Source: Stand News; RTHK #Dec27
#CCPControl #JackMa #Economy
The Chinese authorities is currently placing Alibaba, a conglomerate owned by Chinese entrepreneur Jack Ma, under "anti-monopoly investigation". It was reported that Ma would also be summoned.
Just right before Christmas, China's state-owned media including Xinhua Agency and Economic Daily published articles and commentaries, demanding Ant Group to "serve the people's needs and economic development".
Ant Group then released a statement earlier, claiming that it would "diligently study and strictly comply with regulatory departments' requests". Alibaba shares dropped by 7 percent when the news was heard by thr market.
On Dec 26, 2020, four state regulators in China, namely People's Bank of China (#PBOC), China Banking and Insurance Regulatory Commission, China Securities Regulatory Commission and State Administration of Foreign Exchange, has conducted "supervisory and guidance" talks with Ant Group, a subsidiary of Alibaba offering financial services, with one of the goals to "realize the spirit of the Party leadership and the State Council".
According to People's Bank of China vice chairman Pan Gongsheng after the "talks" on Dec 26, Ant Group issues included "poor corporate governance, ignorance of regulatory demands, illegal regulatory arbitrary, the use of its market advantage to take oit competitors", and so on.
Source: Stand News; RTHK #Dec27
#CCPControl #JackMa #Economy