Read about: how to invest bitcoin, HYIPs which accept Bitcoin Chinese officials are reportedly planning to create an East Asia digital currency to assert more independence from the United States dollar and foster trade relations within the region.
According to a recent Nikkei Asia report, 10 members of the Chinese People's Political Consultative Conference, the country’s top political advisory body, proposed creating a digital currency that would be backed by a basket of currencies including the Chinese yuan, Japanese yen, South Korean won and Hong Kong dollar. The article does not specify which blockchain the projected cryptocurrency would be based on.
The proposal was reportedly put forward by Neil Shen, co-founder of Chinese travel services giant Ctrip and the country’s top venture capital investor, as well as Henry Tang, a Hong Kong politician and former chief secretary, among other influential figures. As per the report, they suggested that the new regional cryptocurrency should be developed by the private sector.
Details about the digital yuan, a CBDC project run by the People’s Bank of China, remain scant. There is still no official launch date despite the pilot test being actively carried out in various locations including the cities of Shenzhen, Suzhou, Xiongan new area, Chengdu and the future site of the winter Olympics.
It is possible that the digital yuan will be accepted in other countries, although it is currently not clear whether that would overlap with the proposed East Asia cryptocurrency development. A recent article from South Korean news outlet Yonhap suggests that local merchants are ready to accept the digital yuan once the COVID-related travel restrictions lift and Chinese tourists start visiting their country again.
Leading cryptocurrency exchange Binance will be expanding to the United Kingdom with a regulated crypto trading platform for both institutional and retail investors.
With this platform, Binance aims to tap the institutional investment market and meet the rising demand for digital asset investments in this sphere.
Binance is reportedly reviewing 65 digital assets that it plans to list on the exchange at launch. Investors will be able to trade these assets directly against pounds and euros, Reuters reported.
Being a regulated exchange, bitcoin investment trading platform will function under the supervision of the U.K. Financial Conduct Authority.