Jan 18, 2021

4 min read

State-backed Agricultural Bank of China Launches First Digital Yuan ATMs

Photo by 偉宗 勞 on Unsplash

January 18, 2021

  1. Chinese Blockchain Project BSN To Pilot Global CBDC System in 2021

Chinese Blockchain Project BSN To Pilot Global CBDC System in 2021

Photo by Hyunwon Jang on Unsplash

China is developing a new infrastructure to incorporate the international central bank’s digital currency as part of its national blockchain program, the Blockchain Service Network (BSN).

to enable a standardized digital currency transfer method and payment procedure, the BSN is looking to develop a universal digital payment network (UDPN) based on CBDCs from different countries as part of its 2021 roadmap. The trial edition of UDPN is scheduled to be released in the second half of 2021 and is expected to be completed in five years. Further, the new system aims to unite banking, insurance, enterprise resource planning (ERP), and mobile applications through APIs to provide a cost-efficient global payment solution. As quoted from BSN’s blog,

“The CBDCs will completely change the current payment and circulation methods of traditional currencies, consistently build payment systems’ resilience, and significantly increase the global circulation of commodities and cross-currency settlement.”

Source | Cointelegraph

State-backed Agricultural Bank of China Launches First Digital Yuan ATMs

Photo by Марьян Блан | @marjanblan on Unsplash

One of China’s “Big Four” banks, the Agriculture Bank of China (ABC), also a partner of the People’s Bank of China (PBoC), has embarked on a pilot program to launch digital yuan ATMS with the first machines deployed in Shenzhen.

According to SZ News, the project is part of the ongoing digital yuan trial that includes a giveaway of 200 Yuan to 100K residents. It will work via a smartphone app to allow the conversion from digital yuan to cash.

Manager of ABC’s Digital Yuan Innovation Lab, Zou Hua, commented:

The third station of the digital RMB pilot program returned to Shenzhen again, indicating that the market has recognized the city. Compared with the first pilot, there have been many changes, which indicates that the digital RMB project is progressing steadily.”

Source | Bitcoin.com

Pakistan Sets up Two State-Owned Bitcoin Mining Farms to Boost Economy

Photo by Ali Kazim on Unsplash

Third, the largest of Pakistan’s four semi-autonomous provinces, the Khyber Pakhtunkhwa (KP) government, is setting up two state-owned bitcoin mining farms to boost the economy.

Advisor to Chief Minister of KP on Science and Information Technology, Ziaullah Bangash, mentioned that the provincial parliament had passed a bill to allow the KP government to use its fund to build the bitcoin mining facilities.

The province, which has legalized crypto mining, will be mining bitcoin (BTC) for profit, BOL News, a local media agency. However, no information was presented on the mining farms’ capability or the funds that the state plans to spend in the scheme.

Separately, the KP Assembly also passed a no-objection certificate to allow individuals to mine crypto and issue their digital assets — Coinciding with the launch of a private bitcoin mining farm Waqar Zaka, a crypto enthusiast who contributed in the development of the Pakistani crypto market.

As Pakistan is facing severe electricity shortages, with power cuts being a common occurrence, KP should first overcome this obstacle before the profits from bitcoin mining can boost the overall economy.

Source | Bitcoin.com

Fidelity Investments Injects More Capital to Hong Kong Crypto Operator, Positioning Itself as An Institutional Pioneer

Photo by Joseph Chan on Unsplash

Fidelity Investments, one of the world’s most prominent wealth managers, has invested more funds into a blockchain operator based in Hong Kong, BC Technology Group — offering yet another bullish signal for the global evolution of digital asset markets.

The exchange filings obtained by Singapore-based Business Times reveal that Fidelity purchased a 6.29 percent interest in the BC Technology Group after spending $6.71 million in the firm. The investment was reported shortly after BC Technology Group announced that it had signed a deal to raise HK$697 million ($89.9 million) to the “top up share placement.”

At the end of 2019, Fidelity’s Digital Asset Unit formed an official agency in the United Kingdom to represent institutional investors in Europe. Thus far, Fidelity has made a range of strategic developments in the cryptocurrency industry, including the extension of its custody services in Asia through collaboration with Stack Funds, a Singapore-based crypto startup.

Source | Cointelegraph

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