Fuzhou lures Web3 firms with incentives to set up shop in the city
After baring its metaverse ambitions, China is now focusing on fortifying its Web3 ecosystem, with Fuzhou leading the way by offering mouthwatering subsidies to attract firms.
After baring its metaverse ambitions, China is now focusing on fortifying its Web3 ecosystem, with Fuzhou leading the way by offering mouthwatering subsidies to attract firms.
A digital management system for corporate clients will encourage "efficient and real-time" adoption of China's CBDC, according to a statement from BNP Paribas.
As downloads and usage of digital yuan wane, China bares new plans to promote its CBDC by using it in cross-border transactions, a feat that ally Russia is also looking to roll out.
The Chinese city of Changshu is shaping itself as a model for CBDC adoption as it introduces a new payment scheme that would see the salaries of civil servants paid in digital yuan.
India and Russia should take the lead in forming a financial relationship to ultimately create a new common currency, according to State Duma Deputy Chairman Alexander Babakov.
Christopher Giancarlo, who served as the 13th chair of the Commodity Futures Trading Commission, has called for accelerated digital dollar efforts but warned against using it to surveil users or levy fines.
WeChat is lending the central bank a hand to support China's CBDC ambition by integrating the e-CNY in WeChat Pay, a move aiming to help small merchants.
Despite a renewed push by the Chinese central bank to woo users in Hong Kong, only 625 hard wallets were opened in the first four days of the bank’s campaign.
Regional Chinese governments have handed out over 180 million yuan ($26.5 million) during the Chinese Lunar New Year, aiming to "promote consumption" amongst citizens.
Officials of the Chinese Communist Party (CCP) in Suzhou are eyeing a massive usage spike of the digital yuan in 2023 following several growth-focused initiatives.
Digital yuan's smart contract functionality was integrated into the food delivery app Meituan, allowing users of the digital yuan to automatically compete in a raffle draw.
Soochow Securities has become the first Chinese firm to use the digital yuan in securities trading and providing technical and structural assistance to the PBoC.