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China and Japan go full steam ahead with CBDC pilots

Asia’s largest economies are pushing forward with their respective CBDC trials, with six Chinese banks offering digital wallets and Japan establishing a new committee. China and Japan are pushing forward with their respective pilots for central bank-issued digital currencies, or CBDCs. On March 26, Bank of Japan announced it had established the Liaison and Coordination Committee on Central Bank Digital Currency to convene with both the private sector on the banks upcoming CBDC proof-of-concept, or PoC, stating: “The Bank, through this committee, will share details of, and provide updates on the PoC with the private sector and the government and…

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Major Chinese Bank Launches Central Bank Digital Currency Wallet Briefly

One of China’s biggest banks recently opened up registration for wallets using the country’s central bank-backed digital currency. There are four levels of the wallet, according to reports. However, the bank took the offer down a few hours later. China’s Digital Currency Wallet Launch China Construction Bank (CCB), one of the country’s largest state-owned banks, reportedly launched a digital renminbi wallet in its official app Saturday, Sina reported citing a 21st Century Business Herald reporter. Users in the areas where the digital yuan is being tested, such as those in Shenzhen, reportedly could register for the wallet. The bank’s user…

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Chinese Govt. to Promote Digital Currency [DCEP] at Winter Olympics

While the west is busy with yield farming and worries over devaluation of US Dollar, the Chinese Govt. is strongly propagating their digital Renminbi. An announcement in the People’s Daily notes the plans  for expansion of the pilot program across China.  As reported ealier, the pilot program has begun in various regions in participation with top FinTech companies in China. The Governemnt there along with the PCoB is now looking to expand to almost all the provinces and municipalities. The pilot program for the digital remnimbi is about to see a major expansion in  central and western China. Translation of…

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