Russia aims to use CBDC for international settlements with China: Report

Russia is in the pilot phase of its central bank digital currency development (CBDC), and new reports indicate that the country could use its national digital currency to settle international trade. According to a report published in Reuters, Russia is reportedly planning to use the digital rouble for mutual settlements with China by next year. The digital rouble is currently being tested for settling with the banks and is expected to be completed by early next year. The United States Treasury Department added 22 individuals and two Russia-based entities to…

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China GPU prices drop to new lows after the Ethereum Merge

As the Ethereum network’s move to a proof-of-stake (PoS) consensus mechanism drives adoption from institutional investors, the prices for graphics processing units (GPUs), often used for mining cryptocurrencies like Ether (ETH), have gone down in China.  Following the historic Ethereum Merge on Sept. 15, the previously highly sought-out Nvidia GeForce GPUs have become significantly cheaper, according to a report by the South China Morning Post. Peng, a Chinese merchant, gave the RTX 3080 as an example as the GPU’s price dropped from $1118, or 8,000 yuan, to 5,000 yuan within…

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China accounts for 84% of all blockchain patent applications, but there’s a catch

China accounts for 84% of all blockchain applications filed worldwide, according to the latest data shared by the country’s government official. China has steered clear of the cryptocurrency market. However, the Beijing government has been supportive of the underlying blockchain technology. The country has actively promoted the use of blockchain tech over the years, and thus the high percentage of blockchain patents isn’t surprising. President Xi Jinping has also played a key role in promoting the nascent blockchain technology. In 2019, the President called upon citizens, tech companies and stakeholders…

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China will expand CBDC trials to most populous province: Report

The People’s Bank of China, or PBoC, will reportedly expand deployment of its central bank digital currency, the e-CNY, to four of the country’s provinces, including Guangdong. According to a Tuesday report from the South China Morning Post, PBoC deputy governor Fan Yifei said at an event in Suzhou that the bank would be rolling out e-CNY trials in the provinces of Guangdong, Jiangsu, Hebei and Sichuan. With a combined population of more than 360 million people, the reported move would be a marked expansion of the central bank’s CBDC…

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Possession of Bitcoin still legal in China despite the ban, lawyer says

Despite enforcing a major cryptocurrency ban one year ago, the Chinese government still protects local crypto investors as crypto is recognized as virtual property protected by the law. One of the world’s most hostile countries toward Bitcoin (BTC), China has not yet banned the possession of cryptocurrencies, according to David Lesperance, founder of Lesperance & Associates law firm. Crypto holders in China are protected by the law in case of theft, misappropriation or breach of a loan agreement, Lesperance told Cointelegraph. He emphasized that crypto exchanges are still banned in…

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Filecoin service provider announces move to Singapore in light of tightening restrictions in China

RRMine Global, a Filecoin service provider offering global cloud-computing asset management, announced Wednesday that it has shut down business operations in mainland China and is relocating its headquarters to Singapore.  The company said the decision to move countries and launch upgrades to their system came after the it rebranded from RRMine to RRMine Global. RRMine Global is ending its operations in Mainland China after the Chinese government tightened cryptocurrency restrictions, signaling the government’s commitment to heavily regulating the Web3 industry. Steve Tsou, the Global CEO of RRMine Global, shared: “Very…

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China begins next phase of CBDC testing with e-CNY payment for public transport

According to multiple sources, on Tuesday, China officially began rolling out the next round of its central bank digital currency (CBDC) pilot test program. In the city of Guanzhou, it is now possible to pay for public bus rides with the digital yuan (e-CNY) CBDC on 10 transit routes, which is a first for the country. To do so, passengers simply need to download the e-CNY app, deposit funds and scan the QR code located in the bus payment section to pay for their ride.  Similarly, the day before, the…

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Bank of China unveils new e-CNY smart contract test program for school education

According to local news outlet Sohu.com, on Tuesday, the state-owned Bank of China announced a new program to bridge primary school education with smart contracts. In a combined partnership with local education and financial authorities, parents residing in the city of Chengdu, located in China’s Sichuan province, will be able to enroll their children in after-school or extracurricular lessons using the digital yuan central bank digital currency, or e-CNY. Under the pilot test, parents start by paying a deposit to a private educational entity for a series of lessons. Afterward, a…

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Official explains why China CBDC should not be as anonymous as cash

China’s central bank digital currency (CBDC) should not be as anonymous as cash, the head of the People’s Bank of China (PBoC) digital currency institute declared. Digital yuan project lead Mu Changchun spoke of China’s CBDC project at the 5th Digital China Construction Summit on Monday, local financial publication Sina Finance reported. Since debuting the digital yuan in 2020, the Chinese central bank has never targeted complete anonymity for the project, Mu said at the event. Instead, PBoC has been working to enable only limited anonymity in compliance with global…

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Crypto broker goes bankrupt, Bitcoin miner capitulates and China VC funding soars

Those of us anxiously awaiting a summer relief rally for Bitcoin (BTC) may have to wait a little while longer. The bear market is still cleansing us of our excess — and revealing the most toxic players in our industry. I’ve talked to you about Terra, Celsius, Three Arrows Capital, BlockFi — what about Voyager Digital? The crypto broker filed for Chapter 11 bankruptcy this week, putting hundreds of thousands of creditors on high alert.  This week’s Crypto Biz newsletter dissects Voyager’s bankruptcy proceedings and offers some potentially good news…

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