The Chinese central bank is “quite worried” about the global financial risks associated with digital currencies, particularly stablecoins, according to a senior official. Fan Yifei, a deputy governor of the People’s Bank of China (PBoC), expressed concerns over the reportedly serious threat stablecoins, such as Tether (USDT), pose to global financial and settlement systems, CNBC reported on Thursday. The official emphasized that the speed of development in private payments systems is “very alarming,” and the PBoC is working against monopolies and the “disorderly expansion of capital,” adding: “Some commercial organizations’ so-called stablecoins, especially global stablecoins, may bring risks and challenges …
China’s central bank digital currency (CBDC) known as the digital yuan should be regulated in line with cash-related laws, according to a senior exec at the country’s central bank. In an opinion article on Sept. 14, Fan Yifei, a deputy governor of the People's Bank of China (PBoC), outlined the major regulatory principles for the operation of the digital yuan. the digital representation of the official currency of the People’s Republic of China. According to Fan, the digital renminbi is legally compensatory to the traditional fiat currency. In the article, the deputy governor outlined that the digital RMB is “mainly …
China has finalized new guidelines to aid in antitrust battle against tech giants. On Feb. 7, the State Administration for Market Regulation released finalized rules for its anti-monopoly push against e-commerce and payments giants like Alibaba, Ant Group and Tencent. The guidance specifically addresses "operators that provide business premises, transaction matching, information exchange and other Internet platform services." It builds on a host of recent efforts by both the SAMR and the People's Bank of China to rein in the broader tech industry, specifically targeting payments platforms as the country continues to push forward its own central bank digital currency. …
There are technical limits to even the most technologically ambitious of central banks. So says Sky Guo, CEO of Cypherium — an enterprise blockchain platform that has partnered with a number of Chinese cities and has worked with projected central bank digital currencies. “CBDC is definitely really hot with central banks these days,” said Guo. CBDCs are all the rage this year, largely due to a surge in fiat-pegged stablecoin value and a sudden interest in upgrading non-cash systems amid the COVID-19 pandemic. But while the talk surrounding CBDCs involves language taken from the world of blockchain-backed digital currencies, even …
A cryptocurrency researcher and former CIA analyst believes the United States government’s relatively slow start on Central Bank Digital Currency (CBDC) development may result in it losing grip on controlling the global financial system. Yaya Fanusie, the policy head at the crypto advocacy group the Crypto Council for Innovation explained in a Feb. 28 Bloomberg interview that sanctioned states are looking to transact on financial infrastructure that isn’t controlled or heavily influenced by the U.S. in order to move funds more freely cross-borders. If the U.S. continues to sit on the “sidelines” and lag behind on CBDC adoption, Fanusie believes …