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Virtual control: The agenda behind China s new digital currency
13 minutes to read
By: James Kynge and Sun Yu
The planned e-yuan could boost Beijing s surveillance state and create competition for private fintech groups Celebrations in China to mark the lunar new year of the Ox, which began on February 12, have been somewhat muted because of the coronavirus pandemic. The numbers of people travelling to visit relatives this year are down sharply, depriving family gatherings of a measure of joy.
But it is not all gloom. Authorities in several cities have given away tens of millions of renminbi as new year red packets that can be downloaded on to a smartphone. Beijing and Suzhou alone have doled out 200,000 red packets worth Rmb200 (US$31) each in a public lottery.
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Facebook Diem competitor Celo raises $20m; targets remittances 10 February 2021
5 Celo, the open-source blockchain payments outfit taking on the Facebook-led Diem, has received $20 million in backing from Andreessen Horowitz, Greenfield One, and Electric Capital.
Celo is building an ecosystem focused on financial services DeFi systems and tools accessible to anyone with a smartphone.
Over the last few years, the Celo community has developed a mainnet, native asset, a stablecoin, and a mobile payments app. So far, more than two million transactions have run across the Celo network.
Existing virtual currencies are unlikely to last, according to
Bank of England governor
Andrew Bailey.
Decentralized cryptocurrencies like Bitcoin (BTC) or Bitcoin Cash (BCH) don’t have the appropriate structure to work as a viable long-term payments method, according to Bank of England (BoE) governor Andrew Bailey.
While attending the recent World Economic Forum (WEF) panel, Bailey confirmed that there have been a lot of innovative projects being launched in the digital payments space during the past few years.
But Bailey also pointed out:
“Have we landed on what I would call the design, governance and arrangements for what I might call a sort of lasting digital currency? No, I don’t think we’re there yet, honestly. I don’t think cryptocurrencies as originally formulated are it.”