Connect with us

Altcoin

China Plans to Allow Use of Digital Yuan at Winter Olympics in 2022

Published

on


The use of the digital yuan at the Winter Olympics signals the culmination of a development that started in 2020 for China.

The officials of China recently announced plans to allow the use of digital yuan at the upcoming 2022 Beijing Winter Olympics. The announcement comes ahead of China’s plans to unveil a CBDC. The Beijing Winter Olympics shall serve as a testing ground for the digital Yuan and shows China’s continuing dedication to exploring digital currency.

The aim is for foreign athletes and visitors to be able to use the currency for transactions. As the deputy governor of the People’s Bank of China Li Bo, said at a CNBC panel at the Boao Forum for Asia on Sunday, “for the upcoming Beijing Winter Olympics, we were trying to make e-CNY available not only to domestic users but also to international athletes and like visitors”.

The People’s Bank of China has been immensely focused on the digital currency space for a while. Since 2020, they have been making plans to implement CBDC into their nation’s economy. However, they continue to insist that the CBDC is not a replacement for the fiat currency or meant to replace the US dollar on an international scale.

The Digital Yuan, as the CBDC is known, is going to be a supplementary domestic currency when it is released. However, the Peoples Bank of China has remarked that they view the major cryptocurrency Bitcoin as a model and investment alternative for their digital currency.

China isn’t the only country that has started looking at CBDCs or central bank digital currencies as an alternative to fiat currency. World powers like Russia, Thailand, Japan, Turkey, and EU countries have all made plans to implement digital currency models into their economies.

However, the US continues to adopt a hostile policy towards digital currency despite this seeming mass adoption, citing the security inadequacies and opportunity for fraud presented by digital currency. Though, proponents of CBDCs remain concerned that the US not adopting digital currency-friendly policies can harm the global economy and the US dollar.

The use of the digital yuan at the Winter Olympics 2022 signals the culmination of a development that started in 2020 for China. With several developments in the pipeline and an already working cross-border pilot with Hong Kong and the United Arab Emirates, with more countries on the possible list. Chinese authorities continue to stress they do not intend to challenge the US dollar as currency, maintaining that they shall continue to rely on the dollar, unlike other countries using the CBDC policy who are trying to lessen their reliance on the dollar

next Altcoin News, Blockchain News, Cryptocurrency news, News

Oluwapelumi is a believer in the transformative power Bitcoin and Blockchain industry holds. He is interested in sharing knowledge and ideas. When he is not writing, he is looking to meet new people and trying out new things.



Source link

Altcoin

Ethereum price closes in on $4K as Shiba Inu (SHIB) steals Dogecoin’s thunder

Published

on

By


The crypto market has rallied into the weekend as Ether (ETH), Dogecoin (DOGE) and Shibu Inu (SHIB) hit new all-time highs as they lead the pack of altcoins up the market cap mountain. 

Much of the excitement behind Dogecoin’s rally has been attributed to the upcoming appearance of Elon Musk, the CEO of Tesla and a Dogecoin advocate, on the popular Saturday Night Live comedy sketch show. Ether, on the other hand, continues to rally toward $4,000 as institutional interest in the altcoin soars and the approaching London hard fork have investors feeling extra bullish.

Data from Cointelegraph Markets and TradingView shows that after briefly dipping to a low of $3,418 in the late hours on May 8, Ether price regained its composure and proceeded to vault 13% to reach a new all-time high at $3,958. 

ETH/USDT 4-hour chart. Source: TradingView

While some have been surprised by the bullish movement from the second-largest cryptocurrency by market capitalization, it comes as no shock to Cointelegraph market analyst Marcel Pechman who recently detailed how Ether “could easily sustain until $5,000.”

Bitcoin (BTC) has used its time out of the spotlight to quietly climb higher with bulls now attempting to hold the price above $59,000.

Canine-themed ‘meme coins’ lead the pack

Dogecoin has emerged as one of the biggest mainstream attention grabbers in cryptocurrency history as scores of new users got their first taste of crypto trading from the popular meme token.

The week-long build-up in momentum for DOGE led to a 25% surge in the early trading hours on Saturday that lifted its value to a new all-time high at $0.74 before profit-taking dropped the price back below $0.68.

DOGE/USDT 4-hour chart. Source: TradingView

Thanks to the global attention that Dogecoin has attracted, a number of canine-themed projects have arisen, including Shiba In (SHIB), which burst onto the scene following a two-day rally that saw its value launch 1,100% higher to establish a new record high at $0.0000178.

The overall cryptocurrency market cap now stands at $2.463 trillion and Bitcoin’s dominance rate is 44.8%.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.