China to Test Digital Yuan on Food Delivery Platform With 435 Million Users

The People’s Bank of China (PBoC) is planning to add the Tencent-backed food delivery giant Meituan Dianping to its list of platforms that will test real-world use cases of the digital yuan. Meituan Dianping is a Bejing-based food delivery platform that currently boasts of more than 435 million active users and billions of dollars of daily transactions. This creates a huge opportunity for the mass adoption of the digital yuan, which is also referred to as the Digital Currency Electronic Payment or DCEP. Unnamed sources told Bloomberg that Meituan had…

Former Chinese Official Says CBDC Will Pave Way for Digital Stocks

Xiao Gang, the former chair of the China Securities Regulatory Commission, says in his latest book on China capital market reforms that the development of a central bank digital currency (CBDC) will pave the way for digital stocks. Stocks and currencies are separate entities in traditional finance, however blockchain-based digital currencies blur the boundaries between the two and raise new possibilities. Xiao adds that “digital stock is the natural product of digital currency in the future.”  Before that can happen a number of challenges that need to be explored in…

G20 Lays Regulatory Groundwork for Accepting Digital Payments

Digital currency payments may become a reality for G20 members before the next summit in Saudi Arabia. As reported by Kyodo News on July 11, officials revealed that the G20 summit compromising representatives from 19 countries and the European Union will be laying the groundwork to accept digital payments. The changes are expected to begin in October, presumably at the G20 Finance Ministerial and Deputies Meetings in Washington DC and before the next summit in Riyadh in November. According to the Japanese news outlet, G20 officials enacted the policy change…

Much Anticipated Central Bank Digital Currencies Raise Privacy Concerns

Central Bank Digital Currencies, or CBDCs, have been an increasingly popular topic in the cryptosphere and financial world as a whole, especially with the onset of the COVID-19 crisis. In the United States, the need for a universal electronic payment system for stimulus checks gave rise to a proposition for the creation of a digital dollar and its implementation. While members of the U.S. government move to create a CBDC on the back of the pandemic, it doesn’t end there. A recent report by the Bank for International Settlements has…

Book Review: Digital Is the Cash

“Understanding the Past, Present & Future of Finance in One Read,” boasts the subtitle of Digital is the Cash by Nathaniel Luz. Whether the book achieves this lofty aim is likely to depend on the readers feelings towards Dash (DASH) being the future of finance. You see, Luz is an ambassador for Dash Africa, and strongly believes that the cryptocurrency represents the future of money. His story is actually more interesting than that, as I discovered when I spoke to him, but potential readers should be warned that parts of…

Malaysian Regulator’s Shariah Advisory Council Allows Digital Asset Trading

In a landmark announcement, Securities Commission Malaysia’s Shariah Advisory Council declared that digital assets trading was permissible. The Malaysian Shariah Advisory Council is the authority that oversees the implementation of Islamic laws in the operation of Islamic Financial Institutions. Securities Commission chairman Datuk Syed Zaid Albar made the announcement during an online conference Invest Malaysia 2020 on July 7, stating: “The SC Shariah Advisory Council has resolved that in principle, it is permissible to invest and trade in digital currencies and tokens on registered digital asset exchanges.” A way forward…

Mass Adoption Depends on Bridging Digital Divide

The World Economic Forum’s head of blockchain and data policy, Sheila Warren, says that people who have turned away, or been excluded, from traditional financial systems are the ones most likely to drive mass adoption.  Warren spoke at the Unitize conference on July 8 on the path to mass adoption with moderator Shira Frank. She said bridging the digital divide is the key to making blockchain mainstream.  Screen capture from Unitize According to Warren, many powerful financial institutions aren’t really benefitting society so much as serving a “small section” of…

US CFTC Promises ‘Holistic Framework’ for Digital Assets by 2024

In its finalized strategy for the next four years, released on July 8, the United States Commodity Futures Trading Commission has made comprehensive crypto regulation a priority. New strategy promises to embrace innovation “We will develop a holistic framework to promote responsible innovation in digital assets,” the new framework promises within its strategic objectives. The new framework puts out goals for the next four years, up until 2024, which is when current Chairman Heath Tarbert’s term is scheduled to end. The broad strategy includes heavily pro-innovation language, for which Tarbert…

Tech Mahindra Employs IBM Blockchain in New Platform to Combat Digital Piracy

Tech Mahindra, the IT subsidiary of Indian conglomerate Mahindra Group, has launched a new blockchain-based digital contracts and rights platform for the media and entertainment industry. Developed using IBM’s blockchain platform, which leverages the open-source Hyperledger Fabric protocol, the system aims to help producers and content creators efficiently track their revenue, royalty payments and digital rights. Dubbed the “Blockchain Based Contracts and Rights Management System” (bCRMS), Tech Mahindra has pitched the platform as a key tool for preventing digital piracy. In a statement on July 9, Tech Mahindra’s blockchain and…

Ride-Hailing Giant DiDi Joins China’s Digital Yuan Project

Chinese ride-hailing juggernaut DiDi Chuxing has joined the digital yuan project, a CBDC developed by the People’s Bank of China, or PBoC. According to an announcement  DiDi shared with Cointelegraph earlier today, the company has entered into “a strategic partnership” with the Digital Currency Research Institute of the PBoC. Together, DiDi and the PBoC’s think tank will reportedly work to bring the DC/EP solution to the former’s large-scale transportation network, which DiDi also refers to as “the world’s largest one-stop on-demand transportation platform.” The statement reads: “Under PBOC’s overall DCEP…