As financial authorities around the globe become increasingly concerned about stablecoin regulation, a jurisdiction in China is preparing to pilot a new yuan-pegged stablecoin for international trade. Chris Banbury, head of global operations at permissionless blockchain project Conflux, told Cointelegraph on Sept. 21 that the firm will provide its technology to launch an offshore renminbi (RMB) stablecoin pegged to China’s central bank digital currency (CBDC), the digital yuan. “This is going to be pegged to the digital yuan in price only with no formal integration,” Banbury noted, adding that the project will be exploring how the token trades against other …
Cointelegraph China’s DeFi Marathon invited global DeFi projects, venture capitalists, and influential individuals to join a three-day online decentralized finance themed event, from Sep. 2 to Sep 4. Participants included Ontology, Darwinia network, Miniswap, and Dexe.network blockchain projects along with DeFi projects such as ForTube, Bifrost, Golff, Akropolis, and Nest protocol. CT China hosted 10 round tables and had in-depth discussions with a variety of guests about the DeFi ecosystem. The global online broadcast brought together speakers to discuss DeFi collateral, high gas transaction fees, DeFi insurance and how to hedge the risks in the market, the role of stable …
A number of governing entities in China recently came together to issue an official document, proposing the development of a blockchain-based trade finance platform. Contributors included the People's Bank of China, the China Banking Regulatory Commission, China Securities Regulatory Commission, and the Foreign Exchange Bureau. In the document, the four organizations submitted their opinions on how best to finance the construction of the Guangdong-Hong Kong-Macao Greater Bay Area, with an emphasis on global trade and finance. Disrupting how cross-border trade info is shared In an attempt to develop and implement better financial technology in the region, the proposal states that …
The Hong Kong Exchanges and Clearing Limited (HKEX) has partnered with blockchain firm Digital Asset to accelerate the post-trade process, financial news agency Finextra reports Oct. 31. HKEX had been working with Digital Asset to test a prototype system “in an effort to accelerate the post-trade process and reduce settlement risk.” According to Finextra, the system was tested by HKEX and the Shanghai and Shenzhen stock exchanges, in a collaboration called “Stock Connect.” The Stock Connect project lets international and mainland Chinese investors trade in each other's markets via their home exchanges' platforms to improve the efficiency of northbound trades. …
The municipal Shanghai government has joined forces with financial institutions to create an alliance to foster the use of blockchain for global trade. The Global Times reported on Nov. 7 that during the China International Import Expo earlier today, the Shanghai Municipal Commission of Commerce, Shanghai Customs and representatives from six bank branches — including the People’s Bank of China and Bank of Communications — signed a Blockchain Alliance proposal for the city’s e-port area. Blockchain for multilateral trade Chen Huifang — a professor at the College of Information Science and Electronic Engineering of Zhejiang University — told the Global …