The expanded pilot program does not have set time yet but policy framework should be complete by the end of 2020. The development of the digital currency electronic payment (DCEP) in China began in 2014, much before other global monetary regulators. China's initial real-world trial of its CBDC was scheduled for Shenzhen in the end…
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UK stocks cool on Brexit trade fear and China tensions Both major UK stock indices fell on Wednesday on the back of rising China tensions and Brexit trade gloom, with the FTSE 100 down 1%. Both indices dipped on the news that the UK Government was close to ‘giving up hope’ of a Brexit trade…
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American Express’ joint venture with Chinese fintech services company Lianlian DigiTech Co., Ltd, has already set up a network to clear domestic transactions charged on American Express cards. It is also compatible with the essential mobile wallet players in China. Stephen J. Squeri, CEO of American Express said: We are pleased to be the first…
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FTSE 100 finishes higher while UK car production vanishes London markets closed out the day before the announcement of President Trump’s conference on China, and so did not go through the late day sell-off experienced in the US. The FTSE 100 ended 1.2% higher, while the FTSE 250 gained 1.1%, with the performance of the…
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EUROPEAN SHARES Shares opened lower throughout Europe as uncertainty rises ahead of what may prove to be an eventful day. Even if simmering Sino-US tensions are nothing new to investors, the relationship between the two blocs has now become the biggest source of uncertainty to markets. President Trump is set to hold a press conference…
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China is introducing a Password Law at the very start of 2020 to promote digital currencies and their adoption. The ultimate goal is to allow the technology of blockchain to thrive and set a legal framework for the issue of digital blockchain-based RMB. According to press, China passed a password law in 2019 (October) that…
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While the US is still pondering on a Bitcoin ETF, China is moving forward in to the future by preparing to launch its first blockchain ETF, it seems. Penghua Fund, a Shenzhen-based asset management company, has recently filed an application for a blockchain ETF, a document that was accepted by CSRC or the China Securities Regulatory Commission…
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The fight against the mining of cryptocurrencies continues with full force. It is a well-known fact that the mining of Bitcoin and other digital coins drains a huge amount of electricity and this cost often comes at the expense of the respective government. While in China it's no longer a crime to found mining operations,…
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Saxo Bank has just announced that it has teamed up with Geely Sweden Holdings AB, a subsidiary of Zhejiang Geely Holding Group Co. Ltd, to establish a technological joint venture (JV). The two companies will now provide financial and regulatory technology solutions to financial institutions such as banks and fintechs in China. The ownership structure…
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The following article was submitted by Michael Stark, market analyst at Exness. Positivity dominated in many markets on Monday morning GMT after the USA and China had reached a preliminary trade deal at the end of last week. The two countries held separate press conferences on Friday to announce that they’d achieved what the media are calling…
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