ChainCatcher news, according to the Mobile Payment Network, the General Office of the Standing Committee of the Shanghai Municipal People's Congress has issued a notice indicating that the 17th meeting of the 16th Standing Committee of the Municipal People's Congress reviewed the "Regulations on Promoting the Application of Electronic Documents Empowered by Blockchain in Pudong New Area (Draft)." In order to further promote legislative democracy, the draft regulations and related explanations are now published to widely solicit opinions from the public for further research and modification, and to be submitted for review at future Standing Committee meetings.The "Regulations on the Application of Electronic Documents" support the integration of the digital RMB system with blockchain infrastructure, promoting the use of digital RMB in application scenarios such as electronic document certification, pricing, payment, settlement, and investment financing.In addition, the "Regulations on the Application of Electronic Documents" also state that relevant departments will be encouraged to manage and share various electronic licenses, electronic documents, and other materials generated in the performance of their duties based on blockchain infrastructure.

ChainCatcher news, as of July 2024, the number of personal wallets for China's central bank digital currency (CBDC) e-CNY has reached 180 million, with a transaction volume exceeding 7.3 trillion yuan (approximately 1.02 trillion USD).According to Mu Changchun, director of the Digital Currency Research Institute of the People's Bank of China, the digital yuan operates through account and value models, supports smart payments, and can be used in environments without network or electricity, demonstrating strong adaptability and flexibility.

ChainCatcher news, the Hong Kong Monetary Authority stated that users can now download and install the "Digital Renminbi" (English name: e-CNY) wallet application through smartphone app stores, and top up in Renminbi via Faster Payment System through 17 retail banks in Hong Kong. Some banks that provide Faster Payment System top-up services can offer customers real-time exchange services, allowing Hong Kong dollars to be directly exchanged for Renminbi to top up the digital currency wallet, with the exchange rate displayed in real-time for customer reference. Hong Kong residents only need to register with a Hong Kong mobile number to open a digital currency wallet in real-time, without the need for real-name registration or opening a mainland bank account, and can top up the digital currency wallet via Faster Payment System. Currently, the pilot supports four types of personal wallets opened by Hong Kong users, which can be used for retail payments, not limited to the Greater Bay Area, but can also be used for consumption in other mainland pilot areas, although personal transfers are not allowed.

ChainCatcher news, according to China Daily, with the first crude oil transaction settled in digital yuan on Thursday, China's currency internationalization process has taken a significant step forward. By purchasing 1 million barrels of crude oil, China National Petroleum Corporation completed the first international crude oil transaction settled in digital yuan at the Shanghai Petroleum and Natural Gas Exchange (SHPGX). However, the announcement released by the Shanghai Petroleum and Natural Gas Exchange on Friday did not disclose the exact value of the transaction or the identity of the seller.The Shanghai Petroleum and Natural Gas Exchange announced on its website that the transaction is part of its efforts to meet the Shanghai municipal government's requirements for using electronic yuan in cross-border trade.

ChainCatcher news, according to 36 Kr, at the Digital Finance Forum in Beijing, Tencent released a digital renminbi smart contract enterprise credit solution. The Tencent digital renminbi project is jointly operated by Tenpay and WeBank, and under the guidance of the Digital Currency Research Institute of the People's Bank of China, the Tencent digital renminbi project team has customized and developed this solution for WeBank's small and micro enterprise clients. In the future, based on stable operation, they will cooperate with more commercial banks and industry partners to expand the application scope and promote the application of digital renminbi.

ChainCatcher news, BNP Paribas announced in a statement on Thursday that it is collaborating with Bank of China (BOC) to promote digital yuan to its corporate clients.This collaboration enables BNP Paribas' corporate clients in China to connect to the Bank of China system, allowing clients to link their digital yuan wallets to bank accounts to manage their digital yuan wallets, such as tracking transactions and using digital yuan for payments. So far, China has authorized 10 banks (all domestic) to conduct digital yuan business.In addition, BNP Paribas stated that it will also explore expanding the use of the central bank digital currency (CBDC) in applications such as smart contracts, supply chain financing, as well as utilities and cross-border payments. (Source link)

ChainCatcher news, according to Caijing.com, China Pacific Insurance Suzhou Branch has launched the country's first digital currency account fund loss insurance product in collaboration with Bank of Communications Suzhou Branch, and has issued the first policy.According to the insurance product plan, during the coverage period, if the funds in a personal digital RMB wallet are stolen, or if the password is compromised, resulting in a financial loss, insurance compensation can be obtained. (Source link)

Chain Catcher News, the People's Bank of China released the Analysis Report on China's Inclusive Finance Indicators (2021). The central bank stated that the response to the pandemic and technological advancements continue to drive the in-depth development of digital inclusive finance. Digitalization has become an important direction for the transformation and development of financial institutions. The application of digital technology promotes the continuous expansion of the scope of financial services, the scale of digital payments continues to grow, and the rapid increase in internet working capital loans for small and micro enterprises. The pilot scenarios for the digital renminbi are steadily expanding, and the ecosystem of digital inclusive finance is continuously enriching. (Source link)

Chain Catcher News, as of the end of August 2022, Shenzhen has officially implemented 1.05 million digital RMB application scenarios, opened 26.71 million digital RMB wallets, and the cumulative transaction amount has reached 18.4 billion yuan. It is understood that since the end of 2019, the Shenzhen branch of the People's Bank of China has actively promoted the research and development pilot work of digital RMB in the Shenzhen area, contributing to the construction of Shenzhen as a "legal digital currency pilot zone." (Securities Times)

Chain Catcher news, the Digital Currency Research Institute of the People's Bank of China released the digital renminbi smart contract prepayment fund management product "Yuan Manager" at the 2022 Second China (Beijing) Digital Finance Forum. It is reported that "Yuan Manager" deploys smart contracts on the digital renminbi wallet, providing solutions to prevent merchants from misappropriating funds and to protect user rights in prepayment consumption service scenarios. (Cailian Press)

Chain Catcher News, at the 2022 WAIC Metaverse Sub-Forum held by Baidu today, Zhang Ping, an academician of the Chinese Academy of Engineering, stated that establishing an on-chain payment system anchored by the digital renminbi is key to achieving China's political security, economic security, cultural security, and cybersecurity. Our country should vigorously develop the concept of "permissioned web3.0" with Chinese characteristics.The People's Bank of China can issue the renminbi stablecoin CNYC on a self-developed blockchain, allowing the digital renminbi DCEP to circulate on-chain, supporting a self-controllable "permissioned web3.0" industry. (Source link)