Apart from JD.com, Chinese video-sharing website BiliBili and transport company Didi have also started working with digital yuan.
Chinese e-commerce giant JD.com recently paid some of its employees with the digital yuan. Using the country’s digital currency to pay the employees is part of the People’s Bank of China’s (PBoC) plan to broaden the scope of the digital yuan.
JD.com announced its cooperation with the PBoC on the trial of digital currencies on the 25th of April. In a blog post, the company noted that it paid its employees salaries with digital yuan in January. Apart from paying employees with the digital yuan, JD.com said it makes payments to other businesses using digital currency.
Before now, the deputy governor of PBoC, Li Bo, had said that the PBoC would be exploring ways to expand the trials for the DC/EP. An official of the bank revealed that China is planning to test the digital yuan with international users. The bank executive added that China is working on making it possible for foreign athletes and visitors to use the digital yuan at the upcoming Beijing Winter Olympics.
Apart from JD.com, Chinese video-sharing website BiliBili and transport company Didi have also started working with digital yuan and accepting digital currencies as payment forms.
PBoC Says Digital Yuan Will Not Replace Cash
Notably, several central banks all over the world have been working on creating their digital currencies. Over the past years, several countries have undergone research, trials, and testing phases regarding digital currencies. At the same time, there has been an argument on the stance of central bank digital currencies (CBDCs). Some argue whether CBDCs will take over or co-exist fiat currencies. However, PBoC has assured that the digital yuan is not coming to replace fiat currencies.
“For the internationalization of renminbi, we have said many times that it’s a natural process and our goal is not to replace (the) U.S dollar or any other international currency. I think our goal is to allow the market to choose and to facilitate international trade and investment.”
The creation of the CBDCs among countries includes China, who started developing digital currency/electronic payment (DC/EP) in 2014. The Chinese digital yuan is aimed at domestic use and seeks to replace coins and cash in existence.
In addition, the PBoC has conducted a series of trials with residents of Shenzhen and Beijing as participants. China rolled out digital currency worth 10 million yuan to 500,000 residents in October 2020. Although China is yet to officially launch the digital yuan, trials of the currency have been conducted in major cities across the country. China managed the pilot projects by giving lotteries to residents and spending their digital yuan at selected retailers, including JD.com.
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Mike Novogratz’s Galaxy Digital Announces Acquisition of Crypto Custodian BitGo
10 hours ago
May 5, 2021
In a major development, crypto investment management and financial services provider Galaxy Digital Holdings announced the acquisition of popular and leading crypto custodian BitGo. This acquisition adds a feather to the cap of Galaxy Digital that seeks to offer a full-service platform for institutional players. Earlier we’ve already reported that there were such rumors. And […]
In a major development, crypto investment management and financial services provider Galaxy Digital Holdings announced the acquisition of popular and leading crypto custodian BitGo. This acquisition adds a feather to the cap of Galaxy Digital that seeks to offer a full-service platform for institutional players.
Earlier we’ve already reported that there were such rumors. And now they have got confirmed.
Speaking about the acquisition, Wall Street veteran and Galaxy Digital founder Mike Novogratz said:
“The acquisition of BitGo establishes Galaxy Digital as a one-stop-shop for institutions and significantly accelerates our mission to institutionalize digital asset ecosystems and blockchain technology. The power of the technology, solutions, and people we will have as a result of this acquisition will unlock unique value for our clients and drive long-term growth for our combined business. We are excited to welcome Mike Belshe and the talented BitGo team to Galaxy Digital.”
The article will be updated with new information soon.
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Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
Dogecoin Price Jumps Ahead More Than Half a Dollar
23 hours ago
May 4, 2021
Within the past 24 hours, we have seen Dogecoin (DOGE) jump ahead and grow over 30% in price. With DOGE climbing the crypto ladder at a rapid pace, in the early hours of Tuesday, the coin price reached a new milestone and crossed the $0.50 barrier.
The value of Dogecoin was $0.389421 and reached $0.541900 overnight–a 39% increase in price. As Dogecoin continues to grow in the crypto market, the digital currency has taken observers by surprise who have mocked and joked about coin–an intention by the creator himself. Despite the ongoing jokes, Dogecoin has had the last laugh so far, as it turns out to be one of the most profitable jokes in the crypto realm, as evidenced by the phenomenal surge in just 4 months.
Taking a quick look at how far Dogecoin has progressed since Jan 1, 2021, the coin valued at less than one cent at the time. Now, approaching May 2021, the coin has grown 10,922% and sits at just over half a dollar. However, this rapid turn of events for Dogecoin also points to the coin’s 50% price drop back in mid-April–both signaling to investors to be aware of the quick changes in the crypto market. Influencers also have the ability to alter the market as we observed earlier this year, in February. Elon Musk shared his thoughts on the crypto coin on his social media platform, which reduced almost 25% of Dogecoin’s growth within a few hours.
Dogecoin Popularity Surpasses Tether (USDT)
With Dogecoin’s current market capitalization of more than $52 billion, the cryptocurrency company has surpassed Tether (USDT), Twitter, and U.S. car manufacturer Ford. AssetDash’s data suggests that Dogecoin’s empire is an estimated $52.5 billion, which is $400 million higher than that of Tether as it is currently sitting at $52 billion. Ford’s market value is approximately $45.1 billion whereas Twitter is sitting at $43.1 billion.
There has been speculation that the coin surged because of Elon Musk’s upcoming appearance on Saturday Night Live as a guest host.
To learn more about Dogecoin’s previous successes this year, click here.
Tether Zips Past $50B and Heats Up the Crypto Market
2 days ago
May 3, 2021
Tether (USDT), the world’s largest stablecoin, just reached a market capitalization of $50 billion at the end of April 2021. A definitive sign that the cryptocurrency bull market is warming up, the Tether supply has grown by more than a factor of 10 over the last 12 months. Calculating the breakdown, that roughly accounts for 25% growth in the span of a month.
CTO of Tether Paolo Ardoino, has commented on this success stating, “Crossing a market cap of US$50 billion represents an incredibly important milestone for Tether.” Furthermore, he acknowledged that the success of Tether was a blueprint for a future in the banking system and as a Central Bank Digital Currency. Tether has gained recognition for its pivotal role for the future of digital currency. As the first stablecoin in the cryptocurrency industry, USDT holds a unique position as it is currently the most liquid and often used dollar-pegged token on the market. Additionally, USDT remains one of the top quoted currencies for Bitcoin and Ether trading pairs.
Last month, USDT made up approximately 66.1% of the overall stablecoin market. In comparison, the USD Coin (USDC) is the second-largest stablecoin and is worth just under $11 billion. There has been some conversation and concerns in the crypto community regarding Tether and speculation about its reserves. However, Tether was quick to put concerns to a rest and an assurance report from Cayman Islands-based Moore Cayman provided confirmation that USDT tokens are, in fact, fully backed by reserves.
Not too long ago, Tether had settled an $18.5 million fine with the Office of the New York Attorney General. Allegedly, Tether had misrepresented the degree to which the USDT coins were backed by fiat collateral. Fiat-backed currency is government-issued or government-supported currency. As such, Tether agreed to produce periodic filings, which now proves its reserve status. Thus, the assurance report comes a month after the settlement agreement.
For more information on cryptocurrency growth and upcoming opportunities, click here.
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