At Least 8 Chinese Bank Platforms Are Compatible with Digital Yuan 0 31

As of now, there are almost eight banks in China that are currently working on their banking platforms for the digital yuan. These banks are apart from the big four that are currently working directly for the CBDC. These eight banks are also in process of building up platforms that will be able to interoperate with the digital yuan token.

As per the recent reports, these banks are getting ready to roll-out their services for the digital yuan and platform offerings. For now, the banks are focusing on rolling-out the offerings through smartphones.

The big four that are directly working on the CBDC project include the Bank of China, the Agricultural Bank of China, Industrial & Commercial Bank of China, and China Construction Bank.

All the banks included in the big four are working directly with the People’s Bank of China (PBoC) for more than a year. Once completed, the banks will help the People’s Bank of China to roll out the digital yuan all across the country.

Ever since the banks started working on the digital yuan project, several pilots, as well as public testing, have been carried out. People that have participated in the pilots and tests have all been handed out digital wallets through the smartphone wallets provided by the big four.

As per sources, the Postal Savings Bank of China is already working on introducing a new hard wallet that almost resembles a conventional credit card. Furthermore, the media arm of Tencent has also revealed that the Postal Savings Bank is also working to introduce a smartphone application wallet.

The majority of the Postal Savings Bank is owned by the Chinese postal services. The bank specializes and is popularly known for providing banking solutions to medium and small enterprises. Additionally, the bank also provides the same to low-income and rural community customers.

More sources have confirmed that the Bank of Communications is also working to launch its own digital yuan wallet. The Bank of Communications is currently the fifth-largest bank in China.

The users that are currently taking part in the digital yuan pilots have also shared some details around the banks other than the big four, working in the CBDC space.

The users have confirmed that the communications they received from the big four alongside digital yuan advise that the tokens are interoperable through several banks.

The names of the banks include Bank of Communications and Postal Savings Banks, China CITIC Bank, and China Merchants Banks. The China CITIC Bank is based in Hong Kong while China Merchants Bank is a corporate-owned bank.

From the looks of it, China is almost ready to kick-off its digital yuan offerings throughout the country in a matter of few months.

Previous ArticleNext Article

Leave a Reply

Your email address will not be published. Required fields are marked *

Central Banks Will Not Allow Bitcoin to Go Mainstream, Says Harvard Professor 0 4

Since the beginning of the year 2020, Bitcoin (BTC) has been flying high with respect to its price and market capitalization. There have been many mainstream institutions such as PayPal, MicroStrategy, and MassMutual that have played a huge role in deciding the fate of Bitcoin (BTC).

Although Bitcoin (BTC) had mustered a lot of user-base from the private sector, all it required was input from the mainstream sector. This is when PayPal announced that it was going to integrate Bitcoin (BTC) into its platform.

This worked like a charm for Bitcoin (BTC), and the largest cryptocurrency in the entire world got even bigger. Since then, Bitcoin (BTC) has been constantly gaining mainstream adoption and several institutions from around the world have adopted it.

However, similar to the president of the ECB, there are still many who still do not support the idea of adopting cryptocurrencies and Bitcoin (BTC) altogether.

Bitcoin (BTC) has been facing a lot of resistance and hard times from traditional financial institutions. It is the banks that are currently opposing the idea of Bitcoin (BTC) being dealt with as an asset for savings and investments.

The above speculation has also been confirmed by one of the professors from one of the world-renowned universities “Harvard”. Kenneth Rogoff, who is currently a Professor of Economics at Harvard talked about how the central banks currently perceive Bitcoin (BTC).

Rogoff stated that if people think that Bitcoin (BTC) has started gaining mainstream popularity, then they are mistaken. Despite all the success and attention, Bitcoin (BTC) is still far from gaining real mainstream adoption.

However, Bitcoin (BTC) currently has a very harsh and difficult journey ahead as the central banks from around the world are going to give a very hard time.

He stated that the central banks will not let Bitcoin (BTC) gain mainstream success and adoption. The professor stated that other cryptocurrencies are likely to face the same kind of treatment from the central banks.

He stated that for the time being, the majority of the cryptocurrency industry is unregulated. Many cryptocurrency firms in the industry do not adhere to the regulations that include AML and KYC policies.

For now, it is not possible for cryptocurrencies to be given mainstream status in the economy. The first thing that the governments would do is regulate cryptocurrencies and ensure that the policies are being adhered to.

Once the cryptocurrency regulations are streamlined and adherence is above satisfactory levels, then the cryptocurrencies stand a chance of being given mainstream status.

The words coming from Rogoff hold very high significance as he was one of the former chiefs at the IMF.

Bittrex Exchange Allowed Bitcoin to be Stolen, Claimed by Spanish Customer 0 6

As per the latest reports, the police authorities of the city of Tenerife have been given permission to investigate a case regarding Bittrex. As per sources, permission to look into the matter has been given by the Spanish court. The investigation has been launched by the Spanish court in response to a complaint that was launched by a Spanish Bittrex customer.

In the complaint, the customer has alleged to Bittrex that it was due to the exchange that he ended up losing his Bitcoin (BTC) to a theft. The plaintiff held the exchange responsible for the theft that led him to lose Bitcoin (BTC) that was worth $62,000.

As per sources, the cybercrime unit of the Tenerife police authority is currently investigating the matter. The cybercrime unit has stated that it will soon be sharing its preliminary findings around the matter. Then the police will be able to determine whether the exchange is to be held responsible for any involvement in the matter or not.

However, the plaintiff is continuing to blame the exchange for letting his Bitcoin (BTC) be stolen and taken away by the cybercriminals. He has claimed that the hacker was deliberately granted access to his wallet account on the exchange. As a result, the anonymous hacker was able to make away with around 1.3 Bitcoin (BTC) in the process.

One of the local reporting networks has revealed that the plaintiff himself is a resident of Tenerife city. The person claimed that it was May of 2020 when he had opened up his wallet account on the exchange for Bitcoin (BTC).

The plaintiff claimed that after creating the wallet account, he added 1.3 BTC to the same wallet account. Soon after making the deposit, he realized that his wallet with 1.3 BTC had been emptied and there was no sign of it.

Soon after learning about the theft, the first thing he did was get in touch with Bittrex so he got in touch with their customer support. Although he expected the team to support him, he got told by the customer support team that his account had been victimized by cybercrime.

The claimant also added in the report that he had hired a personal security expert in order to investigate the case. He wanted to get to the bottom of the theft and wanted to find the cybercriminals himself as he received no support from Bittrex.

The security expert hired by the claimant also shared his findings with the Spanish court. According to the report, Bittrex on four different occasions allowed the BTC wallet account to be accessed before the theft was attempted. The investigating expert also confirmed that the breach was observed from four different IP addresses.

All of the IP addresses used to breach the wallet account included Granada, United States, France, and Madrid.

Editor Picks