People’s Bank Of China

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

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

“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

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

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

People’s Bank of China Continues CBDC Development Talks

The People’s Bank of China held a teleconference on April 3 in Beijing, China. One of the main points confirmed during the call involved the institution’s continued research and development of a central bank digital currency, or CBDC.CBDC development is one of the bank’s top priorities The meeting summarized the central bank’s achievements with fiat currency, gold, silver, and securities since the end of 2019. Executives analyzed the bank’s present challenges in depth, while acknowledging that their top priority for 2020 is the continued research and development of a CBDC, saying: “The