China

The second-largest bank in the world, Chinese Construction Bank, is set to sell $3 billion worth of debt on the blockchain using Bitcoin. This was revealed by a local news outlet South China Morning Post, today. The China Construction Bank will be partnering with Hong Kong Fintech firm Fusang to issue the debts on a blockchain. It is worth noting that this would be the first digital security issued by a Chinese bank using blockchain technology. The debts will be…

Social messaging platform LINE is set to develop a blockchain platform for Central Banks Digital Currencies (CBDC). Korean paper Chosun reported on Monday that LINE is in discussion with several Asian banks regarding the new development. The blockchain platform would enable the Central bank to launch CBDCs in a safe and scalable environment. Central Banks would also be able to add customizable features on the platform using different economic parameters. LINE has been proactive in its use of blockchain technology.…

Global consulting firm PowerhouseCooper (PwC) has revealed 12 countries set to dominate the next decade's blockchain sector. As per a report on distributed ledgers, PwC stated its projections for the next decade, which had some interesting observations. Familiar Countries lead the way The United States and China unsurprisingly lead the way and are expected to dominate the scene for another decade. Both nations have made conscious efforts towards blockchain regulations and creating a good ecosystem for developers. China is expected to…

Suppose you have been following the latest cryptocurrency surge. In that case, you will agree that China has played a leading role in the world of cryptocurrency, already ruling the hash rate war on the Bitcoin network. There are millions of Bitcoin traders in China, adding to the insinuation that China may go the way of Digital currency in the future.   Just recently, Reference News (参考消息), a media outlet with long-ties with the Chinese Communist Party, published a report with the…

Currently, around 80% of the world’s central banks are looking into digital currency, but China has been exploring the idea since 2014, who is in the lead. The country is already quite advanced in digital payments, with 83% of digital transactions already being made through mobile devices instead of 17% through cash or bank cards. The majority of these are made through Alipay or WeChat. But now there is a new service on the horizon. The People’s Bank of China…

China is not losing a second in the adoption of blockchain technology. Its latest collaboration with Huawei has given birth to a decentralized platform that will farm the Chinese people’s data and store it on a massive, immutable network available only to the government. While it may seem like a normal, evolutionary step of mass surveillance technology in China, the recent initiative is another sign that the Chinese government is desperate to research and employ emerging technologies ahead of its…

The possibility of nations issuing digital versions of their domestic currencies seemed utopian only a few years ago. Today, we are witnessing central banks worldwide racing against time and each other to create and regulate digital currencies for national and international use. The two largest economies in the world, the US and China, are going head to head in almost every competition imaginable. The issuing of central bank digital currencies (CBDCs) does not make an exception. Lately, there have been plenty of tensions between…

Blockchain Service Network (BSN) is China’s national blockchain backed by the nation’s State Information Center, China Mobile, UnionPay, and others. Reports have it that BSN, sponsored by the Chinese government, is moving to initiate the integration with public blockchains such as Ethereum and Nervos Network. This is coming after it was noted last week that BSN is using Chainlink Oracles towards the enhancement of the speed and security of transactions taking place on-chain. It appears that this new development bodes well for…

China wants to go global over its quest for cryptocurrency predominance as it has proposed a digital currency that would be based on a basket of currencies including the Chinese yuan, Japanese yen, South Korean won and Hong Kong dollar. The proposed pan-Asian digital currency is planned by the private-sector to rival Facebook’s Libra and challenge the USD’s supremacy. A report by the Nikkei Asian Review on June 14 noted that the proposed digital currency is backed by China. The plan to create an…