Banks, Digital Currency

Banks, Digital Currency

China's major state banks start internal testing of digital wallet application: Report

China's major state banks start internal testing of digital wallet application - media

6/8/2020 8:47:00 AM

China's major state banks start internal testing of digital wallet application - media

SHANGHAI: China's major state-run commercial banks are conducting large-scale internal testing of a digital wallet application, moving a step ...

BookmarkSHANGHAI: China's major state-run commercial banks are conducting large-scale internal testing of a digital wallet application, moving a step closer to the official launch of a home-grown digital currency, the 21st Century Business Herald reported on Thursday.

Suspected drug trafficker dies trying to escape CNB raid, 6 others arrested; S$700,000 worth of drugs seized Two men held in France over rape of nine-year-old girl Tay Ping Hui Took COVID-19 Swab Tests In Singapore And JB, Says The Malaysian Test Went “Deeper”

The state-backed newspaper cited sources saying employees at state banks in cities including Shenzhen have started internally testing the app to transfer money and make payments.AdvertisementAdvertisementThe move is in line with a key task for the second half of this year set by the People's Bank of China (PBOC), which in statement on Monday said the country should actively and steadily promote the development of a state digital currency.

In April, the PBOC's digital currency institute told Reuters it was implementing internal closed trials of a digital currency electronic payment (DC/EP) system in four cities and that it intended to pilot the system at future Winter Olympics venues.

The central bank set up a research team six years ago to explore the possibility of launching a digital currency to cut the cost of circulating paper money and boost policymakers' control of money supply.Government officials last year said the digital currency was"almost ready" but have said little about a launch timetable.

Read more: CNA »

Eyeing big China box office, Hollywood bows to censorship: ReportThe lure of the massive Chinese market has led Hollywood to readily self-censor its films to please Beijing, according to a new report by Pen ...

Philippines, China, South China Sea & maritime drills with the US: InquirerIn its editorial the paper reviews President Rodrigo Duterte's decision to break Manila's tradition of joining maritime drills with the United States and Australia in the South China Sea this year.. Read more at straitstimes.com.

China won't allow a TikTok 'smash and grab' by US, warns state media[HONG KONG] China's government won't accept an acquisition of TikTok's US operations by Microsoft and may take action against Washington if a sale is forced, the Beijing-backed China Daily said in its Tuesday editorial. Read more at The Business Times.

China state media excoriates US 'wackadoodles' over journalist visas rowSHANGHAI (REUTERS) - An editorial in a Chinese state newspaper on Wednesday (Aug 5) sharply criticised Washington for what it termed an attempt to provoke an 'all-out confrontation with China' over Chinese journalists' visas.. Read more at straitstimes.com.

China state media excoriates US 'wackadoodles' over journalist visas rowSHANGHAI: An editorial in a Chinese state newspaper on Wednesday (Aug 5) sharply criticised Washington for what it termed an attempt to provoke an ...

Banks snared by Hong Kong sanctions laws as US-China spat spiralsInternational banks in Hong Kong are caught in the crossfire of competing laws enacted by the United States and China as the superpowers clash ...