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China’s DCEP to be tested in Beijing and Shanghai

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China has been striving to release its own digital currency or Digital Currency Electronic Payment [DCEP] in 2021. According to recent reports, it has been actively testing its digital yuan in different provinces, and it will soon be testing it in major cities like Beijing and Shanghai. According to the reports, the cities are planning to hold pilot runs for the use of the DCEP and promote its use. 

China is focusing on rapidly enhancing its technological infrastructure as it moves forward in 2021. According to a recent statement by Beijing’s mayor – Chen Jiningon, the capital will accelerate the building of “innovative demonstration zones” for fintech and professional services in 2021 while promoting the pilot application of the digital yuan. 

Meanwhile, the mayor of Shanghai, Gong Zheng highlighted, while delivering a government work report on Sunday, that promoting the digital currency was crucial. The mayor also added that they will continue with the ‘financial opening-up’ and in the promotion of the digital currency. Adding to the positive sentiment in the country, the governor of Guangdong, Ma Xingrui also added that the authorities will support the development of the Shenzhen region into an ‘innovative pilot zone’ for the country’s digital currency.

The statements by the three mayors were made on the same day and it provided insight into the readiness of these cities to implement and use the digital yuan. 

Recently, Shenzen had announced its third trial of DCEP which would allow the public to get their hands on it through a giveaway. It entails the authorities giving the digital yuan in red envelopes event worth 200 yuan [~$31] through a random draw. Nearly 20 million yuan [~$3.1 million] worth of digital currency is estimated to be issued by the authorities. 

In addition to these developments, China’s Blockchain Service Network [BSN] plans to roll out a beta version of its DCEP by the second half of 2021. The BSN is also working on a universal digital payment network [UDPN], as per reports, and this service is expected to be functional in the next five years.

Source: https://ambcrypto.com/chinas-dcep-to-be-tested-in-beijing-and-shanghai/

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Miami Mayor dismisses Treasury Secretary Yellen’s criticism of Bitcoin

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Over the past few weeks and months, Miami and Mayor Francis Suarez have been working towards positioning the city as the country’s premier crypto-hub. “We want to be one of the most crypto-forward and technological cities in the country,” Suarez had said in a recent interview, with the comments coming on the back of reports […] Source: https://ambcrypto.com/miami-mayor-dismisses-treasury-secretary-yellens-criticism-of-bitcoin/

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FD7 Ventures launches $250M Micro-Fund in India for Cardano, Polkadot-based projects

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A few days after FD7 Ventures, a Dubai-based crypto-investment fund, made news after it announced its decision to sell its Bitcoin holdings worth $750M to buy more Cardano and Polkadot, the fund is in the headlines again. According to a press release, FD7 Ventures has now launched a $250M Micro-Fund in India to invest in […] Source: https://ambcrypto.com/fd7-ventures-launches-250m-micro-fund-in-india-for-cardano-polkadot-based-projects/

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Why Mark Cuban is looking forward to Ethereum’s use cases

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Entrepreneur Mark Cuban is in awe of Ethereum network and thinks that blockchain technology could be a game-changer for various industries. In a recent interview, Cuban said that it is the “simplification of smart contracts” on Ethereum that gets him “excited.” He said: Because now, all these SaaS companies, all these different companies, I could […] Source: https://ambcrypto.com/why-mark-cuban-is-looking-forward-to-ethereums-use-cases/

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Litecoin, EOS, Enjin Coin Price Analysis: 01 March

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Litecoin seemed positioned for additional losses after the long-term moving average closed in on the short-term line. EOS moved within a descending channel after finding support at $3.5. Lastly, ENJ went past a key resistance and saw its price rise on the charts. Litecoin [LTC] Losses in the last seven days amounted to over 25% […] Source: https://ambcrypto.com/litecoin-eos-ftx-token-price-analysis-01-march/

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