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Banks Collaborate With Others To Enhance E-Yuan Transactions

China has granted participants in its digital currency trials to explore other use cases of this currency, especially for purchasing products in other sectors and funding their choice of internet settlement transactions.

Indemnity And Investment Sectors Top List Of Banks’ Partners

A report from a leading Asian newspaper revealed that two top Chinese financial institutions are discussing with various management firms and insurance companies to trial China’s national digital currency in other sectors aside from the finance sector. One of the banks has agreed to a partnership with a leading investment platform for its customers to fund their investments with the e-Yuan.

The CCB is also collaborating with a top eCom firm, JD.com. One of the top executives of the CCB said, “we have been involved in the process of creating the e-Yuan for four years. We consider this digital currency to improve payment effectiveness in our socio-cultural setting.”

The bank claims to have opened at least 8.4m digital Yuan wallets for personal and corporate purposes. But the individual wallets are higher in proportion. Another top executive of the second bank agreed with the CCB executive, reiterating that their bank is also deploying the e-yuan in various fields.

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However, the initial intention of China’s apex bank was to empower small merchants and not expose them to big merchants, as these top two banking institutions are exploring it. Even though Chinese authorities keep making efforts to enhance the broader adoption of the e-Yuan, it isn’t considering adopting cryptocurrencies or other private currencies into its digital Yuan regulation.

Yin Youping, a top executive of China’s central bank, recently revealed that the authorities remain committed to aggressive action on the digital currency sector. Youping’s opinions come on the heels of the Yingjiang provincial authorities’ aggressive action on bitcoin miners by ensuring that no private electric power company provides them with electricity for the mining operations.

The Largest Bitcoin Mining Machine Sale Is About To Happen

The developers of Bitcoin’s first ASIC miner, Canaan, have revealed that it now has the right to sell 210K bitcoin mining rigs to genesis digital assets. Both firms have a history of bitcoin mining transactions between them. Part of this new deal involves genesis digital receiving an initial 20,000 mining machines, while there is the option of at least 190,000 more to be delivered to them by Canaan.

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Canaan CEO, Mr. Nangang Zhang, stated that “we are happy with our deals with genesis digital, and we are optimistic that this new deal won’t be different. The order with the option of more supplies is proof of trust and confidence between us.” He further said, “even though the conditions of the supply chain remain daunting, we are still committed to assisting our customers in improving their mining operations.”

Chairman of genesis digital, Mr. Mirakhmedov, opined that “the previous mining rigs we purchased through Canaan helped us improve our mining operations significantly. Hence, we are confident that these new rigs will assist us in reaching our mining objectives by next year.”

Shelly Melancon (Switzerland)

Shelly is a cryptocurrency enthusiast from Switzerland, she bought her first crypto in 2015 when it was way less popular then it is today and since 2017 she has been writing about cryptocurrency for online news portals. Shelly is the newest addition to the Tokenhell team, she writes mostly news and reviews related articles , stay tuned to her posts to stay up to date with the crypto world.

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