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China to Accept Digital Yuan on Public Transport in 12 Cities

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China to Accept Digital Yuan on Public Transport in 12 Cities

The tech-savvy people of China will now be able to enjoy a more convenient life in Guangzhou, where public transport tickets can be purchased via China’s digital yuan app. China became the first country to issue a digital version of their national currency, and the digital yuan (also known as e-CNY, and digital RMB) is set to be made available in 23 cities. As it is a form of central bank digital currency (CBDC), the digital yuan is owned by the national bank. Some Chinese commercial banks will be able to operate using the currency, however, they must be provided with a licence from the Central bank.

The All-in-One App for Chinese Citizens

All it takes is a QR code to buy a tram fare in Guangzhou. Government officials in China had previously announced the release of a digital yuan app for iOS and Android in 23 cities, but only in 12 of those cities is the digital yuan already fully operational. Though, of course, that list will expand in due time. The People’s Bank of China released an agreement on April 2nd, 2022, which outlined that the program will include 6 cities in the Zhejiang region, which will hold the 2022 Asian Games.

Xiamen, still fresh on the digital currency list, alreadys offer tits residents the option to top up their public transportation swipe cards through the app. The next step will be to add full functionality such as that in bigger cities like Guangzhou, thereby enabling passengers to pay for each fare directly through the app.

Making Life Easier, but Not for Everyone

This digital currency (e-CNY) is backed by the Chinese yuan, bills and coins, as well as being supported by the Central bank’s silver and gold reserves. Considering that RMB is a fixed-price currency, China’s national digital coin provides a sense of stability. However, for foreigners, there might be difficulties in acquiring and using the currency, one being the language barrier, as the digital yuan app is only available in Chinese.

The digital yuan is a good example of a government-owned digital currency. It’s a simpler version of digital currency, compared to crypto, due to a couple of factors. First of all, e-CNY is not decentralized as crypto is, and second of all, it’s not based on blockchain tech. Therefore, the digital yuan was designed predominantly for casual transactions and retail purchases.

Since there are over 80 countries in the world already working on their own national digital currency, the Chinese digital yuan screams success, especially when one can easily prove the need for it through numbers. Digital yuan (e-CNY) transactions reached the $11 billion mark last year, and now, with its increasing availability and adoption, this number can only be expected to increase as 2022 draws on.

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Cryptocurrency

US federal judge approves of Justice Dept criminal complaint on using crypto to evade sanctions

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US federal judge approves of Justice Dept criminal complaint on using crypto to evade sanctions

The United States Department of Justice may move forward on a criminal prosecution case against a United States citizen who allegedly violated sanctions through cryptocurrency.

According to a Friday opinion filing in U.S. District Court for the District of Columbia, the unnamed individual, who is the subject of a criminal investigation by the Justice Department allegedly sent more than $10 million in Bitcoin (BTC) from a U.S.-based crypto exchange to an exchange in a country for which the U.S. currently imposes sanctions — suggesting Russia, Cuba, North Korea, Syria or Iran. The filing alleged the individual “conspired to violate the International Emergency Economic Powers Act” and conspired to defraud the United States.

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Cryptocurrency

BIFI gains 100%+ after Beefy Finance adds new vaults and stablecoin liquidity pools

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BIFI gains 100%+ after Beefy Finance adds new vaults and stablecoin liquidity pools

Winston Churchill’s statement to “never let a crisis go to waste” can be applied across many aspects of society, including the recent carnage seen in the crypto market. Last week’s volatility is likely to have newer investors and those who took on heavy losses questioning the future of the burgeoning asset class, but in every bear trend there is a silver lining.

One platform that appears to be capitalizing on the void created by TerraUSD’s (UST) collapse is Beefy Finance (BIFI), a multi-chain yield optimizing decentralized finance protocol.

BIFI/USDT 4-hour chart. Source: TradingView

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Cryptocurrency

Commissioner Kristin Johnson to sponsor CFTC Market Risk Advisory Committee

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Commissioner Kristin Johnson to sponsor CFTC Market Risk Advisory Committee

United States Commodity Futures Trading Commission (CFTC) commissioner Kristin N. Johnson was named the sponsor of the agency’s Market Risk Advisory Committee (MRAC) on Tuesday. She replaced CFTC chair Rostin Behnam in that role.

Johnson was nominated to be a CFTC commissioner by U.S. President Joe Biden in September 2021, concurrent to the nominations of commissioner Christy Goldsmith Romero and acting chairman Behnam as the permanent chair. Johnson was sworn in on March 30. She moved into the position after spending over a decade as a law professor. Johnson is the author of academic papers in which she has advocated for stricter controls over cryptocurrency. Johnson said in a statement:

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