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The Wuling COVID Testing Cars will be delivered at the end of May

HONG KONG, May 23, 2022 - (ACN Newswire) - On May 13, Guo Yanhong, the supervisor of the Medical Administration and Hospital Authority of the National Health Commission,...

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US senators sound alarm over China’s digital yuan, Russia SWIFT sanctions

Tag Template - News Hub PRO CoinGenius Hosts Virtual Crypto Event The Road To Mass Adoption Nine U.S. senators are backing a bill that aims to crack down on China’s central bank digital currency (CBDC), the e-CNY or digital yuan, which they claim could allow Russia to bypass financial sanctions imposed on its banks and entities.  See related article: Digital yuan pilot attracts Chinese province bordering Russia Fast facts “If left […]

Biden pushes the U.S. on CBDCs in sweeping crypto executive order

Tag Template - News Hub PRO CoinGenius Hosts Virtual Crypto Event The Road To Mass Adoption President Joe Biden on Wednesday urged the federal government to research and develop a digital dollar in an executive order describing broader directives for a coordinated and comprehensive U.S. approach to digital assets. See related article: CBDC tracker shows U.S. falling further behind Fast facts “My Administration places the highest urgency on research and development […]

Digital yuan is being used to make 2 million yuan worth of payments each day at the Beijing Olympics, a PBoC official revealed.

A top official from The People’s Bank of China (PBOC) has provided an update on the latest trial of the Chinese central bank digital currency (CBDC) during a webinar arranged by the Atlantic Council Tuesday. The digital yuan, or e-CNY, is currently being tested at the Beijing Winter Olympics, Reuters reported.   Two million yuan […]

PBOC Reveals Central Bank Digital Currency Usage at Beijing Winter Olympics — 2 Million Digital Yuan per Day

PBOC Reveals Central Bank Digital Currency Usage at Beijing Winter Olympics — 2 Million Digital Yuan per DayThe People’s Bank of China (PBOC), the Chinese central bank, has revealed how its central bank digital currency (CBDC) is being used at the Beijing Winter Olympics. A top PBOC official says, “It seems all the foreign users are using hardware wallets.” Digital Yuan’s Latest Trial A top official from the Chinese central bank, the […]

The Old Man’s Views The Winter Games and Games People Play

Reading Time: 4 minutes China has done exceptionally well hosting the Winter Olympics after Covid.    Considering China’s record of human rights abuse, the communists must be extremely happy that so many countries showed up to take part, that includes the Jamaican Bobsleigh team, which we should all be cheering!   For the billions […]

China’s Olympic panda NFTs sell out but local fans shit out of luck

The cutesy panda NFTs were launched to promote the Winter Olympics in Beijing and are currently selling at multiples of their launch price.

The post China’s Olympic panda NFTs sell out but local fans shit out of luck appeared first on Protos.

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Over £222,000 spent per day using digital Yuan (e-CNY) during Winter Olympics

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The 2022 Winter Olympics in Beijing was the moment the whole world got introduced…

The post Over £222,000 spent per day using digital Yuan (e-CNY) during Winter Olympics appeared first on Coin Journal.

Bank of Russia Commences Digital Ruble Trials

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The Bank of Russia (BoR) has announced the commencement of its Digital Ruble trials, making the most ambitious push for a functional CBDC in the country. (Read More)

IMF Says Central Bank Digital Currencies Are The Future Of Money

The International Monetary Fund (IMF) managing director has called for a “ prudently designed” central bank digital currency to rival private forms of crypto-assets and stablecoins. “If CBDCs are designed responsibly, they can potentially offer more resilience,” said Kristalina Georgieva during an interview last week. However, she continued by acknowledging that while these types of currencies may have their benefits in certain circumstances, they come with risks. The future of money, cryptocurrency, and central bank digital currencies was the topic at hand for IMF Managing Director Kristalina Georgieva last week when she spoke before an audience at Atlantic Council in Washington D.C. Related Reading | Bitcoin Price Rises As El Salvador Rejects IMF Call To Ditch BTC Central banks are in the experimentation phase with digital currencies, but it’s still early days. We don’t know how far they will go or fast this new technology could take us. The idea of Central Bank Digital Currency (CBDC) has been gaining momentum lately – not only because of its potential for reduced inflation rates and increased monetary stability across countries; but also due to recent developments within financial sectors around the world, which show strong interest among investors looking ahead at what may come next. IMF Managing Director Georgieva said; If CBDCs are designed prudently, they can potentially offer more resilience, more safety, greater availability. Additionally, lower costs than private forms of digital money. That is clearly the case when compared to unbacked crypto assets that are inherently volatile. And even the better managed and regulated stablecoins may not be quite a match against a stable and well‑designed central bank digital currency. World To Explore CBDCs The head of the International Monetary Fund says that around 100 countries are exploring this new form of money. They think people will love using it because there’s no need for third-party intermediaries like banks or credit card companies when you have your own sovereign wealth fund. The Federal Reserve released a report on CBDCs last month, and there are many other examples worldwide. For example, the Sand Dollar in the Bahamas by Sweden’s Riksbank and e-CNY in China was an early proof of concept. The CBDCs looks promising as it aims to reduce interest rates for citizens. Additionally, it maintains financial stability through the increased use of cashless transactions.  Adding to Georgieva said; The IMF is deeply involved in this issue, including through providing technical assistance to many members. An important role for the Fund is to promote exchange of experience and support the interoperability of CBDCs. IMF Cheif Expressed Her Thoughts In a speech delivered at the Atlantic Council, she discussed central banks’ digital currency efforts. She offered some lessons learned from them regarding how to best implement such programs in the future. Thought pieces by female economists are still rare, but they’re becoming more common than ever before.  The world is changing fast. As technology continues evolving, we need people with all sorts of different skill sets. Those who can think critically about new trends or technologies like blockchain that may shape our tomorrow today. Related Reading | Why Is Talent Leaving Silicon Valley For Crypto Companies? Recruiters Explain The IMF’s chief has stressed that there is no universal case for CBDCs. The reason is each economy, and the country needs it differently. She said central banks should tailor plans to their specific circumstances. The plan should mark privacy concerns or financial stability issues in the design phase of creating this new monetary system. As well as its implementation afterward. The design must maintain an appropriate balance between developments on both fronts: design and privacy.  Georgieva said, “In conclusion.”  The history of money is entering a new chapter. Countries are seeking to preserve key aspects of their traditional monetary and financial systems, while experimenting with new digital forms of money.   Featured image from Flickr, chart from Tradingview.com

U.S. Should Examine Chinese Digital Yuan Rollout during Winter Olympics: Senator Toomey

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Senator Pat Toomey, a senior member of the U.S. Senate Banking Committee, urges the Treasury and State Departments closely examine Beijing’s CBDC rollout during the Olympic Games. (Read More)

Bank of England is ‘highly unlikely’ to develop a retail wallet for CBDC, says official

It is more likely that wallets that could support a British digital currency will be produced by the private sector. 

The post Bank of England is ‘highly unlikely’ to develop a retail wallet for CBDC, says official appeared first on The Block.

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