CCP Launches Pilot Project to Develop Digital RMB Payment System

Translate by: MOS member Tienan Sun

By Business Insider, -A a few months ago CCP bans banks from offering cryptocurrency services. Pushing traders to offshore trading platforms and offshore exchanges. However, the new ban extends to offshore transactions, prohibits financial and payment companies from providing virtual currency services.

Anyway, this does not mean that the CCP has completely abandoned cryptocurrencies, but wants to have a firm grip on them. In the past few months, the People’s Bank of China has been launching pilot projects in major cities to develop a digital RMB payment system. About $30 million in digital currency has been issued so far, but clearly not the cryptocurrency opponents. Payments are again challenged by WeChat and Alipay.

CCP isn’t the only major economy eyeing the Central Bank Digital Currency (CBDC). About 80 countries are exploring the idea. Five Caribbean countries have implemented digital currencies to date. A dozen European countries are currently involved in developing CBDC, in order for it to become a complement to the existing monetary system. In the U.S., the digital dollar is still being studied. In June, the U.S. House of Representatives Committee on Financial Services held a hearing for this purpose. Consulting group Accenture estimates that a quarter of the G20 countries will have some sort of digital currency in circulation by 2024.

Source: https://markets.businessinsider.com/news/stocks/is-chinas-digital-yuan-the-death-knell-for-crypto-1030839137

Proofread and Edited by: Paratrooper
Posted by: Paratrooper

0 Comments
Inline Feedbacks
View all comments