The Shanghai branch of the People’s Bank of China (PBoC) published an article detailing the signs of a financial scam, mentioning virtual currency and blockchain as signs of a fraudulent offering. The article, published on May 12 on Chinese social media platform QQ, consists of 16 answers to common questions that explain what are the signs of a securities fraud. While the article includes explanations for a variety of traditional fraud mechanisms, it also urges to be especially careful when dealing with “virtual currency” and “blockchain.” The recommendation is part of a generic “cheat sheet” that also includes fraud schemes …

The Chinese government and its federal authorities are getting increasingly involved in the blockchain space to push forward innovation throughout the country. In the latest, the government released an official notice stating that they have put together a technical committee of 15 organizations to devise national standards for blockchain and distributed ledger technology. This comes only three days after the Ministry of Industry and Information Technology (MIIT) called for feedback on the data security standards of blockchain and other technologies. An all-inclusive committee To ensure that the national standards thus set by the committee are in compliance with the existing …

The People’s Bank of China (PBoC) has secured $4.7 million in funding from China’s central government for its blockchain trade finance platform. The funding will be administered over three years and has been designated for research and development projects. The blockchain platform was initially revealed by the PBoC in Shenzhen during September 2018. The platform is intended to facilitate transfers and create an untamperable ledger for secure information sharing between businesses and government departments. Blockchain drives efficiency savings for Chinese corporate financing By mid-January, it was estimated that the platform had processed $12.4 billion worth of transactions for the 38 …

The People’s Bank of China’s (PBoC) deputy director Mu Changchun said that the digital form of the yuan will be different to Bitcoin (BTC) and stablecoins. Chinese news outlet South China Morning Post reported on Dec. 22 that the head of the digital currency research institute at the PBoC said that China’s digital currency would be a digital form of the yuan with no room to speculate on its value, and without the backing of a basket of currencies. Mu explained: “The currency is not for speculation. It is different to bitcoin or stable tokens, which can be used for …

China is at last planning to conduct the first real-world test of its central bank digital currency (CBDC), fresh reports claim. According to local news outlet Caijing on Dec. 9, the initial pilot for the CBDC is set for the city of Shenzhen before the end of 2019, and may possibly include the city of Suzhou. Banks in a digital currency “horse race” Under the auspices of China’s central bank, the People’s Bank of China (PBoC), four major banks and major economic participants such as China Telecom will test digital currency payments. “One step will be to rationally select the …

China’s digital currency approach will be favoring international payments and domestic retail system, a former senior official said. Zhou Xiaochuan, the president of the Chinese Finance Association and former governor of the People’s Bank of China (PBoC), outlined two types of implementations of central bank digital currencies (CBDCs) speaking at the 2019 Caixin Hengqin Forum, local publication Caixin reports Nov. 26. The first type is an electronic payment-oriented domestic retail system, while the second is international remittances for settlements between financial institutions. China will continue to focus on digital yuan, Zhou says Zhou — the longest-serving head of PBoC and …

89% of China’s blockchain firms have allegedly tried to create their own cryptocurrency, according to a senior exec at a local blockchain association. According to the state-run CCTV on Nov. 21, Yedong Zhu, the president of the Beijing Blockchain Technology Application Association (BBAA), revealed that the vast majority of blockchain industry in China is focused on tokens, not blockchain. In addition to Zhu’s remarks, the report by CCTV covered a new study led by the People’s Bank of China (PBoC). Co-authored by five local financial and technology authorities, the “Bluebook on Blockchain” report reveals that there are 28,000 blockchain enterprises …

The former head of People’s Bank of China (PBoC), Zhou Xiaochuan has argued that the Libra stablecoin would be more readily trusted if it were in the hands of an organization like the International Monetary Fund (IMF). Zhou is the longest-serving governor of China’s central bank to date, having held the role between 2002 and 2018. During his tenure, China soared to become one of the world’s leading economies. Zhou made his comments during a speech delivered in Beijing as part of the 10th Caixin Summit on Nov. 8, according to a tweet from Dovey Wan, founding partner of blockchain …

China’s forthcoming digital renminbi is unlikely to use blockchain, considers Ethereum (ETH) co-founder and ConsenSys CEO Joe Lubin. In an interview for CNBC’s Squawk Box Asia on Nov. 5, Lubin argued that the People’s Bank of China (PBoC) has little to gain — for its purposes — from the decentralized aspects of the technology. “There’s no real reason” for China to make use of decentralization As reported, China’s digital legal tender — or central bank digital currency (CBDC) — will be controlled by the PBoC and officials have said they expect the asset to “have lots of positive impacts, including …

The People’s Bank of China (PBoC) has claimed that its digital currency “can now be said to be ready." According to PBoC deputy director Mu Changchun, a prototype that adopts blockchain architecture has been successfully developed after five years of research. His announcement, made at the China Finance 40 Forum, was reported by local news site Shanghai Securities News on Aug. 10. Two-tier operating system Mu said issuing a digital currency using a pure blockchain architecture would be difficult to achieve in a country as big as China because retailers require high concurrency performance. The digital currency is also going …

Last week, Bitcoin (BTC) was legally recognized by a Chinese court, whereby it was concluded that the cryptocurrency should now be considered as digital property. The decision that the Hangzhou Internet Court made in a ruling was met with enthusiasm from some community members, who assumed that Bitcoin is now legal in the People’s Republic of China (PRC) — famously one of the harshest jurisdictions for digital currencies in the world — and that the local government might soon ease its pressure on Bitcoin. However, some experts are less confident to call it a regulatory thaw. Brief introduction to China’s …

The blockchain trade finance solution of the People’s Bank of China (PBoC) processed over 30 billion yen ($4.36 billion) in foreign exchange transactions, local finance news outlet SINA reports on July 8. Per the report, the platform is supported at 483 branches of 28 banks in Shenzhen and is currently operating normally. Still, due to an allegedly uneven adoption of financial technology, the business volume is still proportionately small. PBoC representatives explained in the report that blockchain technology avoids the slow paper trail between multiple receiving departments that is typical of trade finance in the traditional banking environment. On July …