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During the test, HSBC was connected to the blockchain platform developed by Ant Group and supported by Ant Group’s banking partners. Banking giant Hong Kong and Shanghai Banking Corporation (HSBC) have tested the use of tokenized deposit s – from issuance to transfer to redemption – with major Chinese banker Ant Group, founded by Jack Ma, in a sandbox arranged by the Hong Kong Monetary Authority. The initiative led by the banking institutions aimed to explore the potential of deposit tokenization in enabling always-on, real-time treasury fund movement between accounts held by a corporation within the HSBC network. During the test, HSBC was connected to the blockchain platform developed by Ant Group and supported by Ant Group’s banking partners. In an official communication shared with Cointelegraph, HSBC revealed that the test encompassed the issuance, transfer, and redemption of deposit tokens, adding: “It will pave the way for future research on how blockchain and tokenization ca...

Changchun Mu, an executive from the People’s Bank of China (PBOC), stated that the digital yuan needs to be available in retail scenarios. According to the local source Paper, Mu explained at a trade forum in Beijing that the central bank digital currency (CBDC) should be available on different wallet providers like Alipay and WeChat, as well as various bank providers and other payment providers like e-CNY operators. Mu added that the first step in the evolution process towards the digital yuan would be to start using it as a payment tool. He said that from a technical perspective, they could begin unifying QR code standards to achieve barcode interoperability. You might also like: China’s digital yuan hits $250 billion in transactions The People’s Bank of China has been developing the e-CNY and launched a pilot app in January 2022. After the digital yuan beta test in late 2019, the institution tested the CBDC in 26 locations in 17 provincial-level cities and regio...

Amidst the BRICS collective’s push to eliminate the reliance on the US dollar, Russia ’s Finance Minister, Anton Siluanov, stated that more than 70% of trade between China and Russia is settled in their respective local currencies. The figure arrives as both countries have sought alternatives to the US dollar for international trade. Moreover, as the Chinese yuan has seen growing prevalence, the two nations are clearly embracing the changes they’ve called for. Alternatively, just a year ago, the nation’s trade in local currencies was only 30%. JUST IN: 70% of trade deals between China and Russia are now settled in Chinese Yuan or Russia n Rubles. pic.twitter.com/dzVAIV1Raz — Watcher.Guru (@WatcherGuru) April 25, 2023 China and Russia Working Without US Dollar The rising prevalence of the BRICS nations has been a constant headline so far this year. Additionally, as the collective has surpassed the G7 nations in GDP (PPP), the shifting global power balance has clearly bee...

China emerged as one of the first nations to embrace the industry. This was during a time the majority of the world’s population knew very little about the crypto-verse. Now that every country seems to be moving into the sector, China has made the decision to outright ban all things cryptocurrency.  The nation evidently smashed notable Bitcoin mining giants and passed a broad ban on the sector. However, the country had mixed feelings regarding the metaverse and NFTs. Recently, the Zhejiang Province of China announced its plans to construct a metaverse industry. It was estimated to be worth more than $28.7 billion by 2025. As per the latest report from a local media publication, China is set to launch its first regulated NFT platform on January 1, 2023. JUST IN: 🇨🇳 China is set to launch its first regulated #NFT platform on January 1, 2023. — Watcher.Guru (@WatcherGuru) December 28, 2022 China is diving into the NFT realm According t...