China’s Guangzhou became the first city to launch a pilot function of a digital RMB payment code to pay for bus rides. Passengers can now use the digital yuan (e-CNY) CBDC to pay for public transportation on 10 bus routes through the digital yuan app. Passengers can download the “Digital RMB (Pilot Version)” app in … Continue reading China Guangzhou Public Transport Launches Digital RMB Payment Function
Yi Gang, the Governor of the People’s Bank of China (PBoC) has reiterated that discussions on its Central Bank Digital Currency (CBDC) dubbed the Digital Yuan (e-CNY) are more centered on the privacy aspects of its operations to users. Speaking at the Hong Kong Fintech Week, Yi said privacy protection is top on its list. … Continue reading PBOC Governor Says Digital Yuan Will Prioritize Privacy Protection
Over the course of the Lunar New Year holiday, the Chinese central bank distributed an amount of its digital currency (CBDC) worth millions of dollars around the nation in an effort to encourage more people to use it. A story that was published on February 6 in the Global Times, an English-language subsidiary of the … Continue reading CBDC Activity Subsidizes Consumption During Lunar New Year
The Biden administration is contemplating measures to plug a loophole that has been enabling Chinese firms to acquire U.S. artificial intelligence (AI) chips through overseas channels, as reported by Reuters on October 13, 2023. This move underscores Washington’s ongoing effort to curb China’s burgeoning AI capabilities which are significantly anchored on U.S. chip technology. Last … Continue reading Reuters: U.S. Aims to Thwart Chinese Access to AI Chips via Overseas Outlets