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The island-nation of Macau is inching closer to the launch of its state-backed digital currency as it looks to shed off money launderers and fraudsters from the casinos and gambling dens that dot the city, as per a report today on Bloomberg.
Institutional and retail demand for cryptocurrencies is at an all-time high.
An official of the People’s Bank of China (PBoC), the country’s central bank and chief financial regulator, said yesterday that the burgeoning Bitcoin space was one of the reasons behind the resurgence of the country’s own digital currency plans.
Six government-backed banks in China are testing e-wallet services for the upcoming digital yuan, local outlet Sina News reported ealier this week.
The Chinese government is hoping to maximize the privacy settings on the upcoming digital yuan, the state’s native Central Bank Digital Currency (CBDC), a report on local publication SCMP said Monday.
One of the biggest China-based Bitcoin miners says the Bitcoin market would move ahead with full steam and see a slowdown only in June 2022, as per local sources.
Chinese firm Meitu recently announced another crypto-investment, buying an additional 16,000 ETH (around $28.4 million) and 386 Bitcoins ($21.6 million approximately).
It purchased another $17 million in Bitcoin and became the first public company to put Ethereum on its treasury books.
The nation is leading in the development of a state-backed digital currency and banks are joining that cause.
One of the only state-recognized blockchain networks in China will now officially work with a major Ethereum development lab.
IOHK, the company behind Cardano, has entered into a partnership with Nervos, a multi-asset blockchain network based in China.
A cold war is brewing in the financial world.
China has been a long time critic of Bitcoin despite its unwavering support for digital finance and payments.
According to a report from CoinDesk, the Chinese government has seized $4.2 billion worth of cryptocurrencies.
Bitcoin has been on a tear over the past month, rallying from the low-$11,000s to highs around 36 hours ago at $18,500.
Nervos, one of China’s biggest blockchain and crypto projects, announced the launch of its own token standard, the sUDT, today as per a release shared with CryptoSlate.
China Construction Bank (CCB), one of the country’s “big four” financial players, is planning to raise up to $3 billion from a sale of bonds that individuals and institutions can trade in and out of using Bitcoin and the US dollar, financial publication WSJ reported Wednesday.
Changing policies and financial regulations in Hong Kong have now targeted the burgeoning crypto space. As per a statement by the city’s securities watchdog on Tuesday, Hong Kong will now require all cryptocurrency trading platforms to be regulated whether or not they trade securities.