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China's central bank, the People's Bank of China (PBOC), began research on the digital currency in 2014 under the leadership of Governor Zhou Xiaochuan. [9] [2] In 2016, Fan Yifei, a deputy governor of the PBOC, wrote that "the conditions are ripe for digital currencies, which can reduce operating costs, increase efficiency and enable a wide range of new applications". [10]
Since 2014, China's central bank has been working on a project called DCEP (Digital Currency Electronic Payment) or digital renminbi, [8] often also referred to as the "digital yuan" as it would be backed by the yuan. [9] At the end of 2017, the China's central bank organized a number of banks and institutions to jointly develop the DCEP system.
By March 2024, the central banks of 134 countries accounting for 98% of the world's GDP were said to be in various stages of evaluating the launch of a national digital currency. [26] These included the ECB, the UK, and the US. [27] [28] China's digital RMB was the first digital currency to be issued by a major economy.
Circle CEO Jeremy Allaire told Congress on Wednesday that trillions in U.S. dollar stablecoin transations place the United States ahead of China in the digital currency race.
LONDON (Reuters) -Saudi Arabia has joined a China-dominated central bank digital currency cross-border trial, in what could be another step towards less of the world's oil trade being done in U.S ...
The patents reveal the extent of China's digital currency plans. The patents, seen and verified by the Financial Times, include proposals related to the issuance and supply of a central bank digital currency, a system for interbank settlements that uses the currency, and the integration of digital currency wallets into existing retail bank ...
The law applies to non-Canadian virtual currency exchanges if they have Canadian customers. Banks may not open or maintain accounts or have a correspondent banking relationship with companies dealing in virtual currencies if that company is not registered with FINTRAC. Dealers in digital currency are regulated as money services businesses. [31]
Digital currency will help the US dollar maintain its power and underpin a new infrastructure for transactions and exchanges, Circle CEO and co-founder Jeremy Allaire told Yahoo Finance at the ...