Search Results for: China

“China Daily, an English-language newspaper giant, has announced a $390,000 budget for creating a metaverse and non-fungible tokens (NFT) platform. This groundbreaking initiative, soliciting offers from both domestic and international blockchain firms, highlights the escalating global interest in NFTs and the metaverse, potentially morphing the future of journalism and content creation.”

“China’s digital yuan experienced increased usage at the Hangzhou Asian Games, where athletes interacted with the new technology. New language features were introduced, and the currency is linked with Hong Kong’s Fast Payment System. Overseas visitors can now open a digital yuan wallet using an overseas mobile phone number, and can ‘top up first, and use later’, for smoother transactions.”

“China Daily, a CCP-owned newspaper, intends to launch an NFT platform in collaboration with a third-party blockchain firm. With a fund amounting to 2.813 million yuan, the aim is to foster Chinese civilizational influence through tech including Blockchain, AR/VR, NFTs, cloud computing and big data.”

“China’s financial entities, local governmental bodies and businesses are gradually embracing the digital yuan, China’s Central Bank Digital Currency (CBDC), revolutionizing sectors from gold recycling to land registry fee payment. The gold recycling project powered by digital yuan and CBDC-powered land registry adoption in Fuqing highlights the acceleration of the digital yuan in various scenarios.”

“China expands the utility of its Digital Yuan App to include tourist-friendly features. The latest update allows visitors to pre-charge their wallets using VISA and Mastercard, driving China’s intentions to establish e-CNY as a commonplace retail option, marking a significant step in the evolution of global digital currencies.”

“China plans to bypass sanctions by constructing its own AI chip factories and leveraging particle accelerators to generate high quality light sources needed for chip manufacturing. Concerns of home-grown tech robustness, global commerce norms, and tech quality impact arise. This tech industry complexity demonstrates lengths nations will go for securing their AI future.”

China’s central bank has updated its official CBDC app to allow overseas visitors to purchase digital yuan tokens with foreign credit cards. The update reflects an unprecedented convenience, aiming to push the usage of mobile wallets of the CBDC, providing users with seamless online experiences, including refunds for any unused funds. This move widens the application of e-CNY, promoting its use for online financial exchanges on major platforms.

“The Chinese financial sector is embracing smart contracts powered by its digital yuan, e-CNY, in a bid to revolutionize businesses. It hopes to incorporate advancements like digital RMB prepayments and smart contract tech from Bitcoin, crypto, and blockchain fields. But centralization may raise trust and security issues.”

“China’s digital currency, the e-CNY, might soon see significant cross-border usage as part of global infrastructure development strategy, the Belt-Road-Initiative. The purpose is to streamline and boost China’s international trade initiatives. However, shifting this primarily domestic project towards cross-border trade is causing concern.”

A growing number of Chinese companies are switching to digital yuan for salary payments. The Zhongkai High-tech Industrial Development Zone, in partnership with the ICBC, has become the first city company to pay its employees, including CCP officials, in digital yuan. This initiative encourages digital yuan adoption and broadens its application in the public sector, helping to tackle the longstanding US dollar dominance.

Chinese scholar, Huang Qicai, suggests digital currencies could stimulate a global transition from USD dependence, potentially leading to a “world currency multi-polarization”. Key nations like China, Russia and Brazil are making significant strides in digital currencies, hinting at a potential change in global monetary governance.

“Tencent has introduced its ‘Hunyuan’ AI system, a multimodal large language model similar to OpenAI’s ChatGPT. The system supports functions like image creation, text recognition, and customer service, and can contribute to sectors such as finance, social media, and e-commerce.”

Mu Changchun, the head of a Chinese Central Bank, asserts that the digital yuan could revolutionize retail payments nationwide, potentially outshining cash. He urges banking and e-pay allies to optimize QR Code protocols and encourages merchants to embrace e-CNY as a viable payment mode.

Likou, a town in China’s Jiangsu Province, aims to become a “demonstration town” for the digital yuan, following a pact with the Postal Savings Bank of China. The project’s objective aligns with China’s intent to use the digital yuan to address its unbanked population, with the town also expected to adopt green and smart city technology.

Four China-based companies, including Baidu, have launched AI chatbots in line with new regulations requiring government approval for mass-market AI-based products. While such technology offers great opportunities, data security concerns are raised since AI adoption involves handling extensive user data. Meanwhile, Robinhood, owning the fifth-largest Ethereum wallet, is reportedly witnessing a decline in crypto trading activity. These technological advancements point to a future where AI chatbots and digital currencies play significant roles in our lives, but with the immense challenge of ensuring data safety and privacy.

“China is pushing for digital yuan adoption at the upcoming Asian Games. This event aims to showcase the central bank digital currency (CBDC) on an international platform. Attendees within pilot zones can buy tickets using the official CBDC app, marking a first for major sports events in China. This initiative is seen as a potential accelerator for broader digital currency adoption.”

“JD.com and ICBC are developing a digital yuan using smart contract technology for supply chain financing, enhancing verification, risk identification, and credit guarantees for SMEs. The solution, fostering trust among financial institutions, aims for wider digital yuan acceptance and marks a significant moment in streamlining financial processes.”