China Introduces Digital Yuan to Chinese Business Air Travel
Upon launching the pilot program for China’s central bank digital currency (CBDC), the digital yuan, Chinese business travelers will purportedly be able to purchase airline tickets with the new digital currency. China’s civil aviation news agency reported that a collaboration between China Merchants Bank, a commercial bank, and the Civil Aviation Administration resulted in the […]
China to Tighten Regulations Around Generative AI Development
In China, the government is contemplating new artificial intelligence (AI) development regulations which are being updated to include acquiring a license before releasing generative AI systems. The Cyberspace Administration of China (CAC) wishes to require local companies to obtain a license before releasing generative AI systems, according to a Financial Times report dated 11 July. […]
DBS enables e-CNY Payments for Businesses In China
DBS Bank has launched an e-CNY merchant collection solution for its corporate clients in China, enabling them to receive payments in the country’s digital currency. The bank has also completed its first e-CNY transaction for a catering company in Shenzhen. DBS Bank, one of the leading banks in Singapore and Asia, has announced that it […]
China to Tighten AI Chip-making Materials Exportation
The Chinese government has declared plans to regulate the export of metals (gallium and germanium) primarily used in producing semiconductors for artificial intelligence (AI) system development. The Chinese Ministry of Commerce and the General Administration of Customs issued a joint statement on July 3 stating that the controls are intended to safeguard national security and […]
Jinan City Embraces CBDC Payments
Jinan, the capital of Shandong Province in eastern China, has begun promoting the adoption of the country’s central bank digital currency (CBDC) by implementing digital yuan payments on all of its bus routes. The city implemented CBDC payments on two bus lines during the demonstration phase. Following the trial period, the city announced that the […]