Yuan ATMs Rolled Out by the Chinese Central Bank 0 22

When it comes to adopting cryptocurrency and blockchain technology, there is no other country that has done it better than China. In the past year, China has made an enormous amount of improvements and introduced several innovations in the crypto-blockchain sector.

When it comes to the health and medical sector, China has adopted blockchain technology in a very unique manner. It has introduced blockchain systems that have the capability of storing and tracking the medical records of all its citizens.

In addition to this, China has even started working on its first blockchain-based hospital. Once launched, it will be the first hospital in the world that will run on the blockchain infrastructure instead of internet infrastructure.

Then towards the mid of 2020, China announced that it was considering launching its central bank digital currency. From that point onward, the country has gained more advancement than any other country, which is also trying to launch its own CBDC. Some of the countries that are also competing to launch their own CBDC are Russia, Georgia, Switzerland, and Italy.

Although, the majority of these countries started working on their CBDC before China, yet China is now ahead of them all. Towards the 4th quarter of the year 2020, China conducted a pilot for its digital yuan in several provinces.

After carrying out successful pilots in the provinces, China moved onto carrying out its pilot for cross-border transactions. In order to carry out cross-border transactions, China collaborated with Hong Kong and gathered successful results.

Now that the Chinese central bank has gathered enough positive feedback and results, it is ready to take things to the next level.

Just recently, the government of Shenzhen city launched a “Red Envelop” program for providing more exposure to digital yuan. According to the program, a total of 100,000 Shenzhen citizens were to receive “Red Envelops” that would be loaded with handsome digital yuan.

After the completion of the program, the Chinese Agricultural Bank owned by the state has announced the launch of the first digital yuan ATMs. It has been reported that the citizens of Shenzhen have already started using the digital yuan following the launch in the city.

Now, the Shenzhen citizens will be able to deposit and withdraw digital yuan through the newly rolled out ATMs. The users will be able to make deposits and withdrawals with the help of a smartphone application. The application would allow users to convert savings and cash into digital currencies through the central bank.

It has been confirmed that the Agricultural Bank of China is one of the four central banking giants in China that are contributing and making all the efforts to introduce digital yuan in the country.

Previous ArticleNext Article

Leave a Reply

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

Bitcoin Will Drop Down to $20k a Piece, Says the Guggenheim CIO 0 7

It was just two weeks ago when Bitcoin (BTC) prices were hitting their all-time high of $41k per Bitcoin (BTC). Then suddenly the prices of Bitcoin (BTC) starting dropping significantly. In a matter of 48-hours, the price of Bitcoin (BTC) came down by $11k only to bounce back to $35k in the next couple of hours.

However, since the set-back, Bitcoin (BTC) has been having a hard time keeping up. Although there were many analysts who predicted Bitcoin’s price drop was due, yet they stated that it will grow in price again. Right after the plunge, Bitcoin (BTC) did manage to make a comeback but it was not a long-lived success.

In a matter of days, Bitcoin (BTC) again came all the way down to $33k per Bitcoin (BTC) and then again bounced back. Just a few days back Bitcoin (BTC) managed to go all the way up to $38k per Bitcoin (BTC). However, it is again sitting at $33k apiece, which goes onto show exactly how volatile Bitcoin (BTC) has become.

Bitcoin (BTC) has again become extremely volatile in the past two weeks. As it keeps showing the volatile nature, many investors have started growing uncertain about its stability. There are many investors who have already sold their Bitcoin (BTC) with fears of facing another plunge since 2017.

Based on the above case, one of the senior executives at Guggenheim Partners has made his prediction around Bitcoin (BTC) price. According to the executive, Bitcoin (BTC) is currently destined to go all the way down to $20k per BTC. No matter how many times it fluctuates and it manages to go up, Bitcoin (BTC) will eventually drop down to $20k per BTC.

According to the Guggenheim executive, Scott Minerd, Bitcoin (BTC) will not be able to hit an all-time high for the rest of the year 2021. Minerd shared his views around the price of Bitcoin (BTC) in an episode of the “Closing Bell” show airing on CNBC.

Minerd predicted that after hitting an all-time high of $41k per BTC, it is highly unlikely for Bitcoin (BTC) to again hit an all-time high in the running year.

Although Minerd has made this prediction around Bitcoin (BTC) price looking at the current situation, it does not mean that he has started criticizing Bitcoin (BTC).

According to him, Bitcoin (BTC) is still one of the most reliable investment assets and will continue to grow with respect to the adoption rate. Despite his recent comment about Bitcoin (BTC) taking a plunge down to $20k per Bitcoin (BTC), he still maintains his stance on another prediction.

Minerd has predicted that one day, Bitcoin (BTC) will manage to hit the $400k per BTC mark.

Dubai Regulatory Authority to Introduce Cryptocurrency Regulations 0 8

It was almost 11 years ago when the cryptocurrency industry was introduced to the entire world with the launch of Bitcoin (BTC). At that time, the industry was strongly opposed by the regulatory authorities as well as financial institutions.

The need for the cryptocurrency industry was felt when the traditional finance institutions had started taking too much control of people’s personal information. It was the financial institutions that had started dictating people and putting too much pressure on people.

That was the time when there was a need for an alternative to the traditional financial system to be established. A system that granted people the authority to control how much of the personal information they wanted to share with the providers. The cryptocurrency industry was developed on a decentralized platform that did not appreciate the interference of third parties. Whether it was a sale, purchase, or trade, there were no intermediaries involved on this platform.

However, the financial institutions as well as many countries started opposing the idea and were not ready to adopt the platform. As time went by, the cryptocurrency industry has grown enormous and has reached a cryptocurrency community of 200 million active users.

Just recently, the cryptocurrency industry hit a market capitalization of $1 trillion. This has brought the cryptocurrency industry into the spotlight and countries from around the world have started adopting the industry.

One of the recent countries that are looking forward to welcoming cryptocurrency on its soil is Dubai. According to the recent reports, the major regulatory authorities from Dubai are currently in the process of composing the regulatory guidelines in the country.

The Dubai regulatory agencies involved in the process include the Dubai International Financial Centre and the Financial Services Authority. These regulatory authorities are currently involved in enhancing the regulatory structure as well as the regulations in the country.

The Dubai Financial Services Authority has revealed that it is planning to ready and launch the regulatory framework for diverse digital assets for the years 2021 and 2022. The announcement was made by the DFSA on the working of the digital assets regulatory framework on January 18, 2021.

Once the new regulatory infrastructure is released and implemented, it will turn out to be very essential for the cryptocurrency industry in Dubai. It will allow the cryptocurrency firms in the country to provide their services on a larger scale. They will be able to offer investors more trading assets and will also be able to target businesses and enterprises in the country.

Most importantly, the firms will have full support from the Dubai regulatory authorities in the expansion of new services being introduced in the Bitcoin (BTC) verse.

The DFSA has announced that it will be publishing two consultation papers that will be public for commenting and feedback.

Editor Picks