China’s central bank digital currency (CBDC) known as the digital yuan should be regulated in line with cash-related laws, according to a senior exec at the country’s central bank. In an opinion article on Sept. 14, Fan Yifei, a deputy governor of the People's Bank of China (PBoC), outlined the major regulatory principles for the operation of the digital yuan. the digital representation of the official currency of the People’s Republic of China. According to Fan, the digital renminbi is legally compensatory to the traditional fiat currency. In the article, the deputy governor outlined that the digital RMB is “mainly …
Eswar Prasad, a professor of Trade Policy at Cornell University and a senior fellow at the Brookings Institution, believes that even though China’s digital yuan will enhance the renminbi’s role as an international payment currency, it will “hardly put a dent” in the US dollar’s status as the dominant currency. In an opinion piece published in Project Syndicate, Prasad states that the Chinese government should keep reforming the country’s financial markets and remove restrictions on capital flow to put both China’s CBDC and national cross-border payments system in the global sphere to strengthen its adoption. According to the professor, the …
The People’s Bank of China (PBoC) announced that the test run of its central bank digital currency is currently limited to small retail transactions. According to the Global Times on Aug. 24, the central bank has clarified some details regarding the recent digital yuan — also known as digital currency electronic payment, or DCEP — in order to address rumors regarding the scale and scope of recent pilot projects. Per the report, some Chinese internet users claimed that a person in Shenzhen received a large amount of PBoC’s digital currency after selling local real estate. Wang Peng, an assistant professor …
Hong Kong, one of the most significant and leading financial centers in the world, has played a large role in the development of cryptocurrencies. For instance, the Chinese territory has birthed some of the most established and successful crypto companies to date including the crypto derivatives exchange FTX, along with the digital asset platform Crypto.com. Yet, as trillions of dollars are traded regularly through crypto exchanges founded in Hong Kong, the “Vertical City” also contains an abundance of physical over-the-counter crypto shops as well. Henri Arslanian, PwC crypto lead and former chairman of the Fintech Association of Hong Kong, told …
Legislation regulating the operations of cryptocurrency firms in Singapore comes into effect today, Jan. 28. The new Payment Services Act will regulate cryptocurrency payments and trading enterprises under some aspects of the regulatory regime that currently governs traditional payment services and require them to hold a license. Crypto payment services must also comply with the Financial Advisers Act, Insurance Act, Securities and Futures Act and the Trust Companies Act. The new rules place crypto services under the oversight of the Monetary Authority of Singapore. The regulator announced in a press release published earlier today that the new framework is expected …