The Chinese government has established 15 pilot zones and 164 entities for blockchain projects. “Projects will be carried out in various fields such as manufacturing, energy, government and tax services, law, education, health, trade and finance, and cross border finance.” China Establishes Blockchain Testing Zones Sixteen Chinese governmental bodies jointly announced Sunday a […]

The Indian government has announced the upcoming launch of the country’s central bank digital currency. The digital rupee will be issued by the Reserve Bank of India (RBI) in the financial year 2022-23, Indian Finance Minister Nirmala Sitharaman said during her budget speech. RBI’s Digital Currency, the Digital Rupee, Coming Soon India’s finance […]

China announced 15 pilot zones for testing the application of blockchain technology for several service sectors. (Read More)

The Bank of Korea (BOK) announced that it has completed the first stage of its Central Bank Digital Currency (CBDC) or Digital Won trials, according to its official press release. (Read More)

US President Joe Biden's administration is working on an initial government-wide strategy on digital assets for release next month. (Read More)

The Central Bank of Malaysia, also known as the Bank Negara Malaysia (BNM) is exploring the possibility of launching its own central bank digital currency (CBDC). At the moment, the project is still in a “research mode” as the Asian nation is only looking towards “assessing the value proposition” of digital currencies. In an email written to Bloomberg, BNM stated: “BNM is actively assessing the value proposition of CBDC to Malaysia.” adding, “While a decision has not been made to issue CBDC, we have focused our research on CBDC via proof-of-concept and experimentation to enhance our technical and policy capabilities, should the need to issue CBDC arise in the future.” Earlier last year, Malaysia allied with the Bank for International Settlements, South Africa, Australia, and Singapore to develop a proof-of-concept CBDC pilot. Dubbed Project Dunbar, the pilot utilized the Corda and Quorum blockchain platforms from r3 and ConsenSys, to demonstrate the capabilities of blockchain-based cross-border remittances. The goal behind this includes developing a multi-CBDC platform to bring together central banks and commercial banks from over the world for cross-border payments solutions. Several countries have been testing the use of central bank-issued digital currencies. For instance, Thailand’s central bank has planned to test its retail CBDC for the public this year. Similarly, Cambodia has already rolled out its tokenized version of Cambodian riel, a blockchain-based CBDC called Project Bakong, and is recognized as one of the world’s first CBDCs. The Indonesian and Philippine central banks have both been racing towards developing their own digital currency. Indonesia, for instance, said that it’s developing a CBDC to counter the increased cryptocurrency usage in the country. Meanwhile, China has been testing and developing its e-CNY digital currency and wants to officially introduce it during the 2022 Winter Olympics.

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China’s CBDC is growing at a fast pace as data released official from the PBOC financial markets department revealed the new legal tender has inked a total of 87.57 billion yuan ($13.68 billion) in transactions since public trials began. (Read More)

One might be tempted to think that China has dropped out of the crypto race, due to its stance against crypto transactions and more recently, NFTs. However, the country’s latest CBDC adoption stats suggest that crypto news junkies should probably think again before dismissing the East Asian giant. Beijing begins with a bang According to […]

Letter From Shanghai No 811 – Digital RMB only This week we feature another guest post from John Browning, founding partner of Hong Kong commodity and financial futures broker BANDS Financial. It’s the latest in his ongoing reporting on the development by the People’s Bank of China (PBOC) of e-CNY, its digital yuan*. We last wrote about it here.   On Sunday (01-09-2022), I read a long article published on Yahoo Finance discussing the outlook for the use of cash, which seemed not to mention China at all in its discussion of the emergence of central bank digital currencies. I don’t

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