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“# Ant Group highlights private sector’s role in developing digital yuan ” Major Chinese tech and commerce firms are starting to open up regarding their involvement in developing the digital yuan. Ant Group and Tencent Holdings revealed the extent of their collaboration with the People’s Bank of China in developing the digital yuan at the…
“# Top Chinese banks promote CBDC over local payment firms for shopping festival ” Some of China’s largest state banks are actively promoting the digital yuan as a superior means of payment to the country’s two leading payment providers, Alipay and WeChat Pay. In an April 26 report, Reuters revealed that six of China’s largest banks…
“#Alibaba shares rise 6% in premarket trading after $2.8B fine” Shares of Alibaba rose 6 percent in premarket trading in the US after the e-commerce giant was fined $2.8 billion by Chinese regulators as a result of an anti-monopoly investigation. Alibaba’s Hong Kong-listed shares closed 6.5 percent higher on Monday. Chinese regulators launched an anti-monopoly…
“# China’s digital yuan os backup to AliPay and WeChat Pay, says official ” China’s central bank digital currency, or CBDC, will provide backup for major retail payment services like AliPay and WeChat Pay as its key objective, according to an official at the People’s Bank of China. Mu Changchun, head of the People’s Bank…
“#China asks Alibaba to sell off media assets: report” China’s government has asked Jack Ma’s Alibaba Group to shed its media assets as officials there grow increasingly concerned about the tech giant’s impact on public opinion in the country, according to a new report. Talks started earlier this year after Chinese regulators reviewed a list…
“# Chinese holding firm Ping An overtakes Tencent in blockchain patents race ” Chinese holding conglomerate Ping An Group filed the largest number of blockchain-related patents in 2020, according to a new report. Intellectual property-focused magazine Intellectual Asset Management has released a report on the rankings of the world’s foremost blockchain patentees. Based on data…
“#Jack Ma no longer China’s richest man after Beijing scrutiny” Alibaba and Ant Group founder Jack Ma has lost the title of China’s richest man, a list published on Tuesday showed, as his peers prospered while his empire was put under heavy scrutiny by Chinese regulators. Ma and his family had held the top spot…
“# China’s CBDC is about domestic dominance, not beating the dollar ” For the past several years, the trade war between China and the U.S. has been at the center of international relations, with technology playing an outsized role. Within crypto, advancing interest in central bank digital currencies has become part of that narrative of…
“# Law Decoded: Of ICBMs, BTC and ETFs, Feb. 5–12 ” Every Friday, Law Decoded delivers analysis on the week’s critical stories in the realms of policy, regulation and law. Editor’s note A wise man once said, “there’s security and there’re securities,” and if he didn’t, he should’ve. In modern English, it seems a quaint…
“#Jack Ma spotted golfing after hiding out for weeks: report” Jack Ma’s battle with Chinese regulators hasn’t stopped him from hitting the links. The Alibaba founder — whose net worth is estimated by Forbes at $61.4 billion — was spotted golfing recently after an unusually long absence from the public spotlight, according to Bloomberg News….