Tag Archives: digital yuan

U.S. Congressman Bill Foster for the Federal Reserve’s Electric Central Bank.. We Need a Digital Dollar to Counter China, Says Rep. McHenry At the hearing on monetary policy.. The Fed chairman dodged a direct answer, saying that having a single means of payment is important for the economy as a whole, but the impact of the digital market on strengthening its position remains an open question. Adding that currently, each central bank is closely monitoring the development of this direction. The congressman further inquired about the US’s ability to respond to a competitive threat from the digital yuan, which China can scale with its current mobile payment system… Fed Chair Jerome Powell spoke to the IMF about digital currencies Jerome Powell responded that the US and China have different views on CBDC.. During the hearing, Bill Foster expressed his concern that the government is not responding to plans by other…

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People’s Bank of China and Hong Kong Monetary Authority Discuss Testing Regional RMB-Based Cross-Border Payment Platform.. Organization of the launch of a pilot project in Hong Kong.. According to Executive Director of UDOG Eddie Yue, the use of the digital yuan in the regional system will make it convenient and beneficial for residents of the country traveling from mainland China to the Special Administrative Region or vice versa.. Digital Yuan Compatible with at Least Eight Chinese Bank Platforms The end result of the cooperation will be an integrated cross-border payment platform that will allow payments to be made in the central bank system.. Digital Yuan Explained: What It Will Mean To You? China is actively promoting its CBDC project and has been conducting open trials in several cities since the beginning of the year. The government is also distributing millions of dollars worth of gift cards to motivate people to…

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