Cryptocurrencies and digital assets are of great interest to numerous companies. In China, Tencent aims to venture deeper into this ecosystem. It is a remarkable decision for the Chinese internet giant and parent company of WeChat. Tencent Explores Digital Currencies Exploring and researching new use cases for cryptocurrencies remains a somewhat controversial approach. Company employees...Read More
China has been confronted with multiple economic and financial problems this year amidst an ongoing trade war with the United States. Authorities in Beijing have been trying to overcome the challenges with administrative measures in what has become a market economy over the years. And it’s backfiring. Inflation of the yuan just rose to its...Read More
The Alibaba Group has announced its acquisition of online e-commerce platform, Kaola, from NetEase. Alibaba will also be investing $700 million in NetEase’s Cloud Music streaming platform, as part of a separate deal. Chinese multinational e-commerce and tech conglomerate, Alibaba Group, has just acquired Kaola, from NetEase Inc. The acquisition worth $2 billion will create...Read More
A devoted team of the PBOC’s Digital Currency Research Lab is currently setting up its digital currency system in a restricted environment aiming to launch it before Facebook’s Libra enters the market. After Facebook unveiled the white paper for its Libra Project in June, the People’s Bank of China (PBoC) got working. The PBoC is...Read More
China is inching closer to unveiling its first government-backed cryptocurrency, as the US administration continues to impose more economic sanctions on Chinese exporters. Despite a blanket ban on cryptocurrencies and related businesses, China, the world largest economy, is now reportedly getting ready to launch its government-backed stablecoin. The currency will be issued to seven institutions, according...Read More
Ever since Facebook announced its plans to launch its own cryptocurrency, the world’s regulatory and financial space hasn’t been the same. However, the news cycle about Libra was soon overtaken by lawmakers and regulatory bodies voicing their grave concerns about the same, while also highlighting Facebook’s own problematic history. What is missing however from the...Read More
