The Daily Hodl
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Guest Post
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • ChainWire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Binance Coin (BNB)
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Post
    • Press Release
    • Sponsored Post
    • Advertise
  • EMAIL ALERTS
  • DAILY HODL MIX
No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Guest Post
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • ChainWire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Binance Coin (BNB)
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Post
    • Press Release
    • Sponsored Post
    • Advertise
  • EMAIL ALERTS
  • DAILY HODL MIX
No Result
View All Result
The Daily Hodl
No Result
View All Result

China Completes Testing of Framework for Digital Currency, Preps for Roll-out: Report

by Daily Hodl Staff
December 23, 2019
in Regulators

China is gearing up to release its central bank digital currency (CBDC) as it moves into the next phase of the project.

South China Morning Post reports that the head researcher at the People’s Bank of China has unveiled more details on how the country aims to become a cashless society. Mu Changchun confirmed on Saturday that China’s upcoming digital will be a “digital form of the yuan” and that there will be no speculation on its value.

“The currency is not for speculation. It is different to Bitcoin or stable tokens, which can be used for speculation or require the support of a basket of currencies.”

Although the central bank has not announced a release date for its digital currency, China has reportedly expedited the initiative due to Facebook’s upcoming Libra project, which has the potential to capture a first-mover advantage — along with billions of mainstream users.

According to the central bank official, testing of China’s Digital Currency / Electronic Payment project is complete, along with top-level design, formulation and five years of research. The next phase is to begin pilot programs in advance of the digital currency’s official launch.

China has been pushing to overhaul the financial services industry, implementing new policies to that promote mobile and digital technology, particularly to rural areas.

According to a report issued by the PBoC in January,

“Rural financial services continued to improve. The full coverage of the township financial institutions’ networks has been basically achieved, and digital inclusive finance has been effectively popularized in rural areas. The rural payment service environment has continued to improve, bank cards have helped farmers withdraw money to achieve sustainable development, and emerging payment methods such as mobile payment have gained popularity in rural areas.”

As the world’s second-largest economy prepares to launch a digital yuan to strengthen its position in the digital economy, top officials in the US are waiting on the sidelines. Despite revelations that central bankers around the world are pursuing the new technology, and despite recent reports that physical US dollars seem to be vanishing without a trace, US Treasury Secretary Steven Mnuchin and Federal Reserve Chairman Jerome Powell say there’s no need for a digital US dollar.

[the_ad id="42537"] [the_ad id="42536"]

Featured image: Shutterstock/fuyu liu

Check Latest News Headlines


 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Submit a Press Release

Industry Announcements

  • Narwhal Finance Secures $1 Million in Seed Funding Led by Animoca Ventures
    March 24, 2023
  • Sports Prediction App Pooky Launches Full Version of Its Play-and-Earn Game
    March 23, 2023
  • StormGain Launches StormGain DEX for User-Friendly Decentralized Crypto Trading
    March 23, 2023
  • KyberSwap Announces First-Ever ARB Token Liquidity Pools, Liquidity Mining and Trading Campaigns on Arbitrum
    March 22, 2023
  • Metacade Presale Hits Final Stage Before Listings, Raising Over $500,000 in Under 24 Hours
    March 22, 2023
  • Yesports Launches the Largest Esports Marketplace for Gaming Expansion Into Web3 Alongside 40+ Partners
    March 21, 2023
  • Metatime Raises $11M in Private Funding To Enhance Web 3.0 Ecosystem
    March 21, 2023
Submit a Guest Post
ADVERTISEMENT
Bitcoin
$27,843.46
$27,843.46
1%
Ethereum
$1,766.20
$1,766.20
0.79%
Cardano
$0.362743
$0.362743
0.34%
XRP
$0.461418
$0.461418
6.67%
Dogecoin
$0.07571
$0.07571
0.67%

Spotlight

  • Bitcoin Currently Witnessing Its Best Marketing Campaign Ever, According to InvestAnswers – Here’s Why
    March 23, 2023
  • Popular Crypto Analyst Says Bitcoin Surge to $40,000 To Happen A Lot Quicker, Issues Warning on Altcoins
    March 23, 2023
  • Top Crypto Analyst Turns Bullish on Ethereum Rival That’s Up 135% This Year
    March 23, 2023
  • ARK Invest’s Cathie Wood Says Institutions Will Come for Bitcoin (BTC) Amid US Banking Crisis
    March 23, 2023
NBX Warsaw Summit Banner
DON'T MISS A BEAT
Crypto headlines delivered daily
to your inbox
BTC, ETH, XRP news alert options
By joining The Daily Hodl news list you agree to our
Terms and Conditions and Privacy Policy.
Featured Image: Shutterstock/Billion Photos

Cryptocurrency news and analysis, covering Bitcoin, Ethereum, Ripple, XRP, altcoins and blockchain technology

Categories

Bitcoin • Ethereum • Trading •
Ripple and XRP • Altcoins •
Blockchain • Regulators •
Scams • Crypto101 • HodlX •
Futuremash •
Industry Announcements

ABOUT US | EDITORIAL POLICY | PRIVACY POLICY
TERMS AND CONDITIONS | CONTACT | ADVERTISE

JOIN US ON TELEGRAM

JOIN US ON TWITTER

JOIN US ON FACEBOOK

COPYRIGHT © 2017-2023 THE DAILY HODL

No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Guest Post
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • ChainWire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Binance Coin (BNB)
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Post
    • Press Release
    • Sponsored Post
    • Advertise
  • EMAIL ALERTS
  • DAILY HODL MIX

© 2023 The Daily Hodl