China FX Regulator Supports CBDC Amid Monetary Policy
An official from China’s foreign exchange regulator expressed support for the digital yuan initiative of the CBDC. Some of the key characteristics of CBDC, according to Lu Lei, deputy administrator of the State Administration of Foreign Exchange (SAFE), might assist in improving the efficacy of monetary policy tools, she told the CNA agency. The source […]
US to Tighten AI Chip Controls Via Third Parties to China
The United States is contemplating additional measures to prevent Chinese developers from accessing U.S.-made artificial intelligence (AI) semiconductor chips through third parties. Reuters reported on October 13 that the Biden administration is targeting a loophole that has allowed Chinese developers to purchase processors from the infamous Huaqiangbei electronics district in the southern Chinese city of […]
China Explores CBDC Features to Strengthen Monetary Policy
China investigates new CBDC features to improve monetary policy, cross-border transactions, and global fintech collaboration. China has recently hinted at a revolutionary development at a time when central banks around the world are racing to develop central bank digital currencies (CBDCs). Lu Lei, the Chinese foreign exchange regulator, believes “programmable features” in CBDCs could be […]
China Opens Industrial Park for Digital Yuan CBDC Development
In the Jiangsu province of Nanjing, China has opened its first industrial park devoted to creating and utilizing the digital yuan, or e-CNY. The park, which has a 10 square kilometer footprint, seeks to draw over 100 businesses and organizations involved in the blockchain, big data, artificial intelligence, cloud computing, and financial technology sectors. The […]
Chinese Court Invalidates Crypto Lending in Second Ruling
For the second time, a Chinese court has ruled that crypto lending is illegal in the country. Mr. Ming lent Mr. Gang a total of 80,000 Tether for stablecoin trading in April 2021, according to a press release from the Nanchang People’s Court dated 10 October. The loan was due within six months. However, Mr. […]