PBOC

Bridging Real and Virtual Economies

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Time Stamp: July 11, 2023 3:40 PM - Modified On: July 11, 2023 - Published By:
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Republished By Plato

In an era where decentralized finance (DeFi) promises revolutionary, permissionless, and credit-check-free access to financial services, the limitations to its application lie in the narrow range of digital assets it encompasses. But industry pioneers are working to widen its scope by introducing real-world assets (RWAs) to the digital realm. For instance, in collaboration with the Hong Kong Monetary Authority (HKMA), Ripple is embarking on a research project to try and tokenize real estate. This venture was made public about seven weeks ago as part of a broader initiative, the digital

China Calls All Crypto Transactions Illegal, Bitcoin Drops $4k In Response

Source Node: https://bitcoinist.com/china-calls-all-crypto-transactions-illegal-bitcoin-drops-4k-in-response/?utm_source=rss&utm_medium=rss&utm_campaign=china-calls-all-crypto-transactions-illegal-bitcoin-drops-4k-in-response
Time Stamp: September 24, 2021 8:04 AM - Modified On: September 24, 2021 - Published By:
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China’s central bank has announced that all crypto-related transactions and services are now illegal. In response, Bitcoin drops down to $41k from $45k. China Announces All Crypto Transactions And Activities Are Illegal As per a report from Bloomberg, China has intensified its crackdown on crypto and Bitcoin as the nation’s central bank says all digital currency transactions are illegal. According to The People’s Bank Of China (PBOC), not only are Bitcoin, Ethereum, and others unrecognized as legal tender, any services related to them are also illegal. These crypto services include

China: Is the PBoC’s new ‘reminder’ on Bitcoin’s status really new

Source Node: https://ambcrypto.com/china-is-the-pbocs-new-reminder-on-bitcoins-status-really-new/
Time Stamp: August 27, 2021 9:30 PM - Modified On: August 27, 2021 - Published By:
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“We remind the people once again that virtual currencies such as Bitcoin are not legal tenders and have no actual value support.” The People’s Bank of China [PBoC] has once again raised an alarm about the use of cryptocurrencies in light of its recent crackdown. According to local reports, the central bank took a shot at Bitcoin, commenting that such virtual currencies cannot compete with existing legal tender. Yin Youping, Deputy Director of the Financial Consumer Rights Protection Bureau of the PBoC, argued that cryptos are not backed by any

Ex-Chinese Banking Exec Says CBDCs Will Substitute Cash in Circulation

Source Node: https://beincrypto.com/ex-chinese-executive-says-digital-currencies-will-substitute-cash-in-circulation/
Time Stamp: August 3, 2020 10:26 AM - Modified On: May 21, 2021 - Published By:
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A former Bank of China executive has shown his support for digital currencies, positioning it as a substitute for cash, widely known in economic circles as M0. Ex-vice president of China’s central bank, Wang Yongli, said that digital currencies should substitute all currencies “as much as possible”. The push for digital currency: “shouldn’t be confined to such substitution; otherwise, its market competitiveness could be problematic,” ,he said. Yongli is the present director of the Haixia blockchain research institute and previously served at the People’s Bank of China (PBoC) for over

Bank of Korea Launches Experimental Trial for National Cryptocurrency

Source Node: https://coinfomania.com/bank-of-korea-experimenting-cryptocurrency/?utm_source=rss&utm_medium=rss&utm_campaign=bank-of-korea-experimenting-cryptocurrency
Time Stamp: April 6, 2020 5:15 AM - Modified On: May 21, 2021 - Published By:
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The central bank of South Korea has announced the launch of its Central Bank Digital Currency (CBDC) pilot project to determine the requirements of issuing a government-backed cryptocurrency in the future.  According to a report by Yonhap today, the trial which commenced last month is a 22-month program focused on the technological and legal provisions needed to launch a CBDC. The Bank of Korea (BoK) believes the possibility of issuing a CBDC in the future is slim because of the increased demand for fiat currencies, the competitive nature of the global