With its new decree, the government is further seeking to stamp out cryptocurrency token sales completely, according to local reports.
This week’s top story on CoinGeek Pulse is Tesla’s recent announcement that it bought US$1.5 billion dollars’ worth of BTC.
China’s plans for a central bank digital currency have taken further steps forward, with the roll out of fresh real-world trials.
The Chinese city of Suzhou has announced that it will be holding a $5 million airdrop of China's central bank digital currency the DC/EP.
The accelerated testing phase comes after a successful year for the state-backed digital currency in which it was used in most major cities.
Unlike in Shenzhen, Beijing and Suzhou, the People’s Bank of China is expanding beyond the use of smartphones to make digital yuan payments.
China’s digital currency electronic payment has been in testing phase in locations including Shenzhen, Suzhou, Xiong’an New Area, and Chengdu.
China had learned a lesson from the hostile reception Libra, now Diem, has received globally, according to the former governor of the People’s Bank of China.
Chinese residents in the city of Suzhou made close to 20,000 transactions in a digital yuan trial on e-commerce giant JD.com.
Hong Kong’s central bank has been working with China’s digital currency institute to trial the use of the digital yuan on cross-border payments.
Authorities in China are pressing individuals and businesses to embrace the potential of blockchain technology while ignoring the role of digital currency.