Chinese City of Shaoxing Plans Digital Yuan Giveaway for Asian Games-themed Event
The city of Shaoxing in China is planning to give away digital yuan tokens worth $5.6 million as part of an Asian Games-themed event. The tokens will be distributed by the Shaoxing Municipal Bureau of Finance through a lucky draw-type event. To be eligible, entrants must have digital yuan wallets and be registered residents of Shaoxing. The event is being held to boost adoption of China's central bank digital currency (CBDC) prior to the Asian Games, which will be held in Hangzhou starting on September 22.
Nigerian Central Bank adds NFC upgrade to eNaira for Contactless Payments
According to a report by local news outlet The Sun, the central bank recently enhanced the CBDC mobile app by incorporating Near Field Communication (NFC) technology. This upgrade enables mobile devices and payment terminals to interact when in close proximity, facilitating convenient and contactless eNaira payments.
Russia Approves Law to Introduce Digital Ruble
The Russian Duma has approved a law that will introduce a digital ruble, making Russia the largest nation to officially adopt a central bank digital currency (CBDC) should President Vladimir Putin sign off on the law. Discussions of a digital currency issued by the Russian state have been ongoing for years, with a pilot program set to debut in 2022.
Hong Kong CBDC Pilot Advances Real Estate Tokenization for Ripple
Ripple Labs is moving closer to realizing its dream of tokenizing real estate assets thanks to its partnership with Hong Kong's Central Bank Digital Currency (CBDC) pilot. The Hong Kong Monetary Authority (HKMA) is exploring various use cases for the digital Hong Kong dollar and has selected Ripple Labs to help develop a tokenization solution for recording e-HKD real estate transactions on a secure and private ledger. Ripple's CBDC platform, separate from the public XRP Ledger, was designed to address central banks' concerns about using public blockchains for CBDCs. Tokenization presents many opportunities for the real estate sector, including speeding up transactions and unlocking new funding avenues.
Reserve Bank of India Deputy Governor: Hope To Launch CBDC in a Measured and Adjusted Manner
Sankar, deputy governor of the central bank of India: hopes to launch the central bank's digital currency CBDC in a controlled and adjusted manner. (Golden Ten)
BIS and IMF Report Highlights Potential of Asset Tokenization, Criticizes Crypto Assets as Flawed System
July 4 (Cointime) - Bitcoin's critics argue that it fails to meet the textbook definition of money as a medium of exchange, unit of account, and store of value. However, the emergence of bitcoin has sparked a debate about the definition and usefulness of money.
Jinan, China's Bus Routes Now Accept Digital Yuan Pay with Discounts for CBDC-Paying Passengers
July 3 (Cointime) - Jinan, China has announced that all of its bus lines now accept digital yuan payments, offering discounts to encourage adoption. The city has updated the software and card readers on all buses to allow payments using the Chinese central bank digital currency. Passengers paying with CBDC can enjoy a discount of up to 1 cent for bus rides – 1 cent for a fare of 2 yuan and below, and 1.99 yuan for each ticket of 2 yuan and above.
Public Concern Over Central Bank Digital Currencies Shared by Canada and UK
July 2 (Cointime) - Recent surveys reveal that public concern over the possibility of a US central bank digital currency (CBDC) is shared by Canada and the UK. Majority of Brits express concern about UK authorities having control over people’s funds, while 39% of Canadians worry about a loss of control over their finances.
Chinese Energy Providers Embrace Digital Yuan for Bill Payments
June 30 (Cointime) - Energy providers in China are now accepting digital yuan payments for settling bills. The State Grid Corporation of China (SGCC) is leading the adoption efforts and has set up a working group to help corporate users and local government organs use the CBDC for settling bills. The SGCC's Xiangcheng District affiliate, the local finance bureau, and the city's business support center are part of the working group. The city of Zhangjiakou, which hosted events during the 2022 Winter Olympic Games, will also roll out a range of digital yuan applications, including accepting payments for goods and services using the CBDC.
European Commission Publishes Legislative Plans for Digital Euro
June 28 (Cointime) - The European Commission has released its legislative plans for a digital euro, which would allow Europeans to make digital payments for free across the currency zone.
