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More than 200 firms in Shenzhen, Guangdong province, have adopted a new prepaid digital yuan or e-CNY platform, marking the nation's first pilot of prepaid e-CNY applications. ....
The launch of a series of new measures to support the financial sector in Shenzhen, Guangdong province, will further strengthen its financial advantages and promote regional development in the Guangdong-Hong Kong-Macao Greater Bay Area, officials and experts said. ....
HONG KONG (China Daily/Asia News Network): Hong Kong remained in third place in the global ranking of financial centers, following New York City and London, according to the latest Global Financial Centers Index. ....
The People’s Bank of China issued a statement on Tuesday cautioning against the use of cryptocurrencies as a means of payment. What Happened: Despite the fact that Chinese officials were merely reiterating their previous stance on trading virtual currencies, the news seemed to deepen the existing sentiment of market-wide fear. Bitcoin dropped under $40,000 for the first time in three months, losing 15% of its value overnight, while Ethereum dropped 23% in the past 24-hours to $2,715. Large-cap altcoins like Cardano, Polkadot, Dogecoin, and Binance Coin also reported losses in excess of 25% overnight. Why It Matters: The statement from the PBOC doesn’t have any new regulatory steps, Yu Lingqu, a vice-director at the China Development Institute think-tank in Shenzhen, told Bloomberg. ....
Virtual currencies should not and cannot be used in the market because they are not real currencies, according to PBOC. NEW YORK/SINGAPORE (May 19): Bitcoin and other major cryptocurrencies slumped after the People s Bank of China (PBOC) conveyed a statement reiterating that digital tokens cannot be used as a form of payment. The largest token fell below US$40,000 for the first time since early February, dropping as much as 10% to US$38,973 on Wednesday and continuing a week-long slide sparked by Elon Musk s back-and-forth comments on Tesla Inc s holdings of the coin. Ether, Dogecoin, and last week s sensation, Internet Computer, also retreated. ....