"Chinese oil and gas company PetroChina has completed the first international crude oil trade using the country's central bank digital currency (CBDC), the e-CNY, China Daily reported on Saturday."
"The Digital Yuan app in China has been updated to make it easier for tourists to use digital currency during their visits. International tourists can now top up their Digital Yuan wallets using Mastercard or VISA cards before arriving in China."
"Eddie Yue, the CEO of Hong Kong’s central bank, expects that the mBridge CBDC project will gradually transition to commercialization. In a keynote speech at the 2023 Bund Summit, he detailed plans for the platform, which China, Thailand, Hong Kong and the United Arab Emirates are jointly developing in partnership with the Bank of International Settlements."
"China's head of digital yuan is urging mobile payment providers such as WeChat Pay and Alipay to improve their interoperability and unify QR codes for e-CNY payments, as the People's Bank of China (PBOC) aims to promote the country's central bank digital currency (CBDC) across all retail use cases."
On September 5, WeChat Pay announced that its palm payment service is now available at over 1,500 7-Eleven convenience stores in Guangdong province...Its introduction into 7-Eleven stores marks its initial launch in the retail industry in China.
"More Chinese citizens and firms are using the digital yuan, China’s central bank digital currency (CBDC), to pay their taxes, state organs, and government-owned banks have claimed. Per Xinhuanet, the claims were made by Hunan Province’s Tax Bureau, as well as the Changsha Central branch of the People’s Bank of China (PBoC)."
"Microsoft, the tech giant behind the popular Windows operating system and the Azure cloud platform, has announced that it is exploring the possibility of developing a central bank digital currency (CBDC) solution. Microsoft has partnered with the Digital Currency Institute of the People’s Bank of China, the central bank of China, to conduct research and development on CBDC technology."
"Today, UnionPay International (UPI) and Payments Network Malaysia Sdn Bhd, or PayNet, Malaysia's national payments network jointly signed an agreement in Shanghai to promote the cross-border QR code linkage and enable the full acceptance of the UnionPay App (Chinese-mainland, Hong Kong and Macao versions) and Chinese-mainland bank apps connected to the UnionPay App Network Payment Platform at the QR merchants in Malaysia."
"Visiting China just got a whole lot easier for international travelers. Starting Friday, visitors are able to link their Visa and Mastercard accounts to China’s most popular mobile payment platforms, allowing them to book taxis, ride the subway and pay for goods and services at millions of outlets across the near-cashless country."
"While the adoption and use cases of China’s central bank digital currency are expanding, the digital yuan still only represents 0.16% of China’s monetary supply."
Coinnounce - Bitcoin & Cryptocurrency News
"China's digital yuan integration into business and air travel promises a seamless and secure payment experience, fostering financial inclusivity and setting a precedent for other countries exploring central bank digital currencies."
"SoftBank is considering a U.S. listing for its PayPay payments business, three sources familiar with the matter said, in what could mark another American listing for Masayoshi Son's sprawling tech conglomerate along with chip designer Arm. New York is seen as a more attractive destination than Tokyo for listings given the higher valuations tech companies generally achieve there, one of the sources said."
"Chinese banks and mobile carriers are teaming up to roll out a SIM card purse product embedded in the payment platform of digital yuan, or e-CNY, further expanding the application scenarios of the digital currency."
"China’s central bank hit Alibaba affiliate Ant Group with a 7.12 billion yuan fine ($985 million) on Friday. The People’s Bank of China, which issued the fine, said that the penalty was in response to violations of various laws and regulations, including around corporate governance, consumer protection and anti-money laundering requirements."
"Chinese tech giants Tencent Holdings and Ant Group said that they would allow users to link international credit cards to their platforms, an issue that has long plagued foreign visitors as the country’s payment system has kept credit cards out for years."
"Chinese tech giant Tencent Holdings has introduced a palm-recognition payment method in Beijing, allowing commuters using the metro to simply wave their palms over a scanner to pay for rides. Instead of using cards or phones to pay for rides, commuters in the capital city can wave their palms over a scanner which detects the user’s unique palm print and triggers an automatic payment from their WeChat account."
"The Chinese city of Quingdao will pilot an electricity- and network-free digital yuan public transport payments solution, marking another national first for the central bank digital currency (CBDC)."
Foreign Policy Research Institute
"China’s central bank continues to take aggressive steps toward assimilating the digital yuan within its domestic financial system. Despite these efforts, less than a fifth of the Chinese population have utilized it."
"UnionPay International (UPI) and Pecunpay recently announced the launch of the UnionPay card that empowers cardholders with a fully accepted payment method when travelling in China."
"China's UnionPay surpassed Visa for the first time in 2022, securing 40.03 percent of global debit card transactions, China Media Group (CMG) reported on Sunday, citing latest statistics compiled by industry platform Nilson Report."
The Coin Republic
"According to Changsha Evening News, small and medium enterprises (SMEs) can apply for loans using the digital Yuan. The first transaction was done in the city of Changsha in Hunan province. Three SMEs successfully obtained loans. The three firms received loans of 583,000 yuan which is around $83,300, after the Hunan Provincial Department of Science and Technology acknowledgment. The funds were processed through the Bank of Communication. It is a commercial bank assisting the PBoC with the digital yuan pilot program."
"East China's Jiangsu Province recently released a plan for a pilot program to promote usage of the digital yuan in the local education sector, aiming to boost application scenarios such as fee payment and campus consumption.The plan will focus on various aspects to deepen the use of digital yuan in the education sector, chinanews.com reported on Tuesday."
"The Chinese tech giant Tencent has stated that its WeChat ecosystem will let users make digital yuan payments on applets and video channels. The move will allow WeChat users to pay via in-app applets using the Chinese central bank digital currency (CBDC). They will also be able to use the CBDC to shop on e-commerce platforms such as JD.com without leaving the WeChat ecosystem."
"A city in eastern China's Jiangsu province plans to use the mainland's sovereign digital currency in cross-border trade with Belt and Road countries, as local governments warm up to the electronic money known as the e-CNY. Xuzhou, the starting point of many Europe-bound freight trains from China, has published a plan that promotes the e-CNY, including its usage in cross-border trade. The city has 18 regular cross-border railway lines to 21 countries in Europe and Asia."
"China is to start paying the salaries of some civil servants and public officials using its central bank digital currency (CBDC), it was reported today. The current take up of the digital yuan is unclear as statistics have not been published for more than six months. One effect of the staff payment initiative will be to boost the Chinese CBDC adoption figures."
"Ascenda, the global rewards infrastructure company, and China CITIC Bank Credit Card Center have launched the next generation of the China CITIC Bank Point Program to accelerate premium customer acquisition and its new retail development strategy."
"Alibaba Group Holding's chip unit T-Head and Alipay, the payment service under Alibaba's financial affiliate Ant Group, will release computing chips for secure payments based on the RISC-V instruction set architecture, the two entities said. The development comes as Chinese companies continue to invest heavily in chips, in the wake of U.S. export restrictions targeting China's semiconductor sector."
According to a recent Global Times report, Chinese cities have launched digital yuan (e-CNY) activities worth over $26.6 million (180 million yuan) to promote its adoption during the Spring Festival holidays, including subsidies, consumption coupons, and other programs.
China’s outbound and inbound travels showed fast and resilient rebounds during the recent long holiday to commence the year of the Rabbit, as witnessed by strong growth of popular cross-border digital payments. Between January 21 and 26, the year-on-year growth of outbound transaction volumes by Alipay users has surged by 150%, with the Hong Kong and Macao S.A.R.s being the most popular destinations for mainland consumers, based on the number of transactions during this Chinese New Year period.
China’s central bank will have to work closely with payment giants WeChat Pay and Alipay to achieve wider adoption for the e-CNY, the country’s central bank digital currency (CBDC), as it continues struggling to get consumers to use it, experts said.