China Drafts Law to Legalize Digital Yuan, Outlawing Competitors

China Drafts Law to Legalize Digital Yuan, Outlawing Competitors
фото показано с : news.bitcoin.com

2020-10-25 15:35

China’s central bank, the People’s Bank of China (PBOC), has drafted a law to legalize the digital yuan and outlaw digital currencies issued by anyone else competing with it. Meanwhile, the central bank has been cracking down on gambling sites that use the stablecoin tether.

China Drafts Law to Recognize Digital Yuan

The People’s Bank of China published a draft law on Friday that gives legal status to its central bank digital currency (CBDC), the digital yuan. The central bank has also begun a public consultation on the draft law; comments can be submitted through Nov. 23.

“The legal currency of the People’s Republic of China is Renminbi [RMB],” the draft law states, adding:

RMB includes physical form and digital form … No unit or individual may produce or sell tokens, coupons and digital tokens to replace RMB in circulation in the market.

The wording of the law seems to target yuan-pegged stablecoins but the prohibition could also include other digital currencies the PBOC views as threatening to the RMB.

China has been heavily testing the digital yuan. A public test was recently launched in Shenzhen where the authorities gave away 200 yuan (about $30) to 50,000 residents to spend at 3,389 stores.

China Cracks Down on Gambling Sites

In a Wechat post published Friday, the central bank outlined its efforts cracking down on cross-border gambling sites that enable Chinese citizens to transfer money abroad, bypassing China’s capital controls.

According to the post, the People’s Bank of China recently assisted local police in Huizhou city with cracking down on cross-border online gambling sites that allegedly use tether (USDT) to launder money. Three gambling sites, handling almost 120 million yuan, were shut down and 77 suspects were arrested.

What do you think about China stifling competitors to the digital yuan? Let us know in the comments section below.

The post China Drafts Law to Legalize Digital Yuan, Outlawing Competitors appeared first on Bitcoin News.

Similar to Notcoin - TapSwap on Solana Airdrops In 2024

origin »

Digital Rupees (DRS) на Currencies.ru

$ 6.38E-5 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 0.00 %
Cегодня L: $6.38E-5 - H: $6.38E-5
Капитализация $32.611k Rank 99999
Доступно / Всего 510.803m DRS

china bank digital central yuan law legalize

Источник: news.bitcoin.com

china bank → Результатов: 126


Фото:

Coronavirus Forces China to Sanitize Billions in Paper Money, Bitcoin Avoids Such Precautions

China’s central bank, The People’s Bank of China (PBoC), plans to sanitize billions of yuan notes in areas that are worst affected by the coronavirus. The epidemic, which has hit China’s political, economic, and education systems very hard, has pushed the nation’s authorities to take extreme actions to curb the spread of the virus.

2020-2-19 23:20


Bank of China выпустил ценные бумаги на блокчейне

Bank of China, государственный банк Китая, завершил выпуск и ценообразование облигаций на блокчейне для малых предприятий. Об этом говорится в заявлении на сайте BoC. Блокчейн-система Bank of China Использовав собственную блокчейн-систему, BoC выпустил цифровых сертификатов на общую сумму в $2,8 млрд.

2019-12-10 16:24


China Merchants Bank International teams with Nervos for DApp development

China Merchants Bank International teams with Nervos for DApp development - CryptoNinjas China Merchants Bank International (CMBI), a wholly-owned Hong Kong subsidiary of China Merchants Bank, today announced that it is partnering with layered blockchain network Nervos to jointly develop and launch decentralized applications (DApps) for financial services.

2019-10-4 18:51


People’s Bank of China (PBoC) Talks Plans to Fast-Track R&D Related to its Legal Digital Currency

On Friday, August 2, 2019, the People’s Bank of China (PBoC) supposedly held a video conference in which things that needed to be achieved in the second half of the year were elaborated upon. According to The Block, China’s central bank reported its plans to accelerate its goals with regard to a country-wide digital currency […]

2019-8-3 17:24


China’s central bank fast-tracks R&D of its legal digital currency

The People’s Bank of China noted that they are going to track the development trend of virtual currencies of China and foreign in order to strengthen Internet financial risk remediation. After mulling over its centrally owned digital currency, China accelerated its research and development, according to the statement released by the People’s Bank of China […] The post China’s central bank fast-tracks R&D of its legal digital currency appeared first on AMBCrypto.

2019-8-3 11:42


Bank of China упомянул китайского ходлера, который владеет «шестизначным» числом биткоинов

Bank of China, который входит в «Большую четвёрку» крупнейших государственных банков Китая (8 место в рейтинге Forbes Global 2000), выпустил инфографику о биткоине. Об этом сообщил директор по стратегии в компании Blockstream Самсон Моу: Вчера Bank of China опубликовал статью о биткоине.

2019-7-29 08:39


People’s Bank Of China (PBoC) Says Security Tokens (STO) Are An “Illegal Financial Activity In China”

China’s Central Bank, the People’s Bank of China, reported to the South China Morning Post its decision concerning security token offerings, noting that they are illegal in the country. The bank’s deputy governor Pan Gongsheng appeared at a summit in Beijing and there, he discussed the “illegal” financing activities that have been effectuate with STOs […]

2018-12-10 06:11


Крупнейшие банки Китая протестировали блокчейн-платформу для передачи активов

Самые крупные китайские банки успешно испытали блокчейн-платформу для решения вопросов, связанных с передачей активов между различными учреждениями. Как уточняет CheрiCap, в тестировании платформы Ping Tai приняли участие банки Bank of China, China CITIC Bank и China Minsheng Bank. Они уже произ...

2018-10-30 19:26


Фото:

Китайский банковский гигант выпустил ценные бумаги на блокчейне на $1,3 млрд

Пятый по величине коммерческий банк Китая Bank of Communications завершил крупную эмиссию ценных бумаг, обеспеченных ипотекой (RMBS), с использованием блокчейна. Ведущим андерайтером выпуска ценных бумаг стала China International Capital Corporation, в нем также приняли участие два крупнейших коммерческих банка страны — Commercial Bank of China и China Merchants Bank.

2018-9-27 14:14


China’s Central Bank Issues Warning to Cryptocurrency Investors

China’s central bank has issued a new public notice, warning citizens of the dangers of cryptocurrency and ICO investing. Despite government crackdowns culminating in a blanket ban on all ICOs, the People’s Bank of China (PBoC) admits that cryptocurrency trading activity among domestic investors using offshore exchanges continues to thrive.

2018-9-19 22:25


RippleNet Strengthens Emerging Markets Access into India, Brazil and China

According to the World Bank, global remittance payments are on track to grow by 3.4 percent or roughly $466 billion in 2018, with India and China having the highest incoming flows in 2017. Together with this massive flow of capital, emerging markets are home to 85 percent of the global population and account for almost … Continued The post RippleNet Strengthens Emerging Markets Access into India, Brazil and China appeared first on Ripple.

2018-6-17 12:50


JD.com’s Finance dep to issue Blockchain Asset-Backed Securities

JD Finance, a subsidiary of Chinese e-commerce giant JD.com, has made public its plans to issue asset-backed securities (ABSs) on the blockchain, as reported by local media on June 13. JD Finance will issue the ABS in combination with Huatai Securities and Xingye Bank according to China’s Securities Regulatory Commission (CSRC) via its media outlet […]

2018-6-16 15:18


Фото:

Chinese e-commerce giant JD.com has released plans to issue asset-backed securities (ABSs) on the blockchain, local media reported June ..

Chinese e-commerce giant JD.com has released plans to issue asset-backed securities (ABSs) on the blockchain, local media reported June 13. According to China’s Securities Regulatory Commission (CSRC) via its media outlet Securities Times, subsidiary JD Finance will issue the ABS in conjunction with Huatai Securities and Xingye Bank. Together, the partners will asses blockchain’s potential

2018-6-13 20:28


дальше еще 77 новостей →

Партнеры Currencies.ru

Реклама на Currencies.ru

Самое свежее на Currencies.ru

Sichuan police uncover underground finance scheme involving $2b in USDT

Chinese police in Sichuan reportedly intensified crackdowns on underground banking networks, with a particular focus on USDT transactions totaling billions of U.S. dollars. Chinese police in the Sichuan province reportedly uncovered a wide-scale underground banking scheme, with operations reportedly involving…

Over 50% of spot trading pairs on Poloniex appear to be ‘dead’

Poloniex’s exchange data seen by crypto.news displays what appears to be a partially abandoned platform, with over 500 trading pairs showing no trading volume. Cryptocurrency exchange Poloniex, acquired by Justin Sun in 2019, demonstrates a concerned lack of activity as…

Dark Bling: Heir To Jewelry Giant Cartier Indicted In Cocaine And Crypto Scandal

Maximilien de Hoop Cartier, heir to the famed jewelry dynasty, was arrested by US authorities for allegedly laundering millions of dollars for a Colombian drug cartel. Cartier, who primarily resides in France but holds Argentine citizenship, now faces a slew of charges related to money laundering and unlicensed money transmission. Related Reading: Bitcoin Bull Michael […]

Bitfinex CTO Dispels FUD, Refutes Data Breach By Ransomware Group

In an interesting turn of events, Bitfinex chief technology officer (CTO) Paolo Ardoino has dismissed rumors of the exchange being involved in a large-scale data breach. This came in response to claims of a significant security breach by the hacking group FSOCIETY a little over a week ago. On April 26, FSOCIETY claimed on its […]