PBoC Completed Creating of Digital Yuan Basics, - GT

Global Times, in reference to "industry insiders" reports that main characteristics of the Chinese CBDC is completed
25 March 2020   203

The People's Bank of China (PBOC) has completed the next stage of the development of the state cryptocurrency in cooperation with private companies. Now, the PBOC is creating the legal framework for the conversion of the digital renminbi.

According to the Global Times publication, in which the publication refers to “industry insiders,” the PBOC has completed the development of the main characteristics of the state cryptocurrency in cooperation with private companies. According to the publication, now the Central Bank of China is developing appropriate laws for the conversion of the digital renminbi.

An anonymous insider told the Global Times that the latest Alipay patents relate to the core functions of the digital currency being developed, including circulation, payment and issuance. Alipay, the financial division of Chinese technology giant Alibaba, received five patents related to China's digital currency earlier this year.

Judging from the patents, the first step of technological development has been basically completed.

 

Insider

Global Times sources also said that China should expedite the launch of its digital currency amid a coronavirus pandemic and economic downturn.

If there is a chance China is considering lowering its interest rate into negative territory as an final option and directing such policy to commercial loans and lending, a circulated digital currency rather than M0 will be able to achieve that.

 

Cao Yan 

Managing director, Digital Renaissance Foundation

Neo Foundation to Withdraw $11M From Cold Wallet

These funds will be used to finance its operations in currrent reporting year and $190M are stiill in the vault
26 March 2020   239

On March 25, the Neo Foundation announced the withdrawal of 1,660,865 NEO ($ 11 million) from the cold wallet to finance its activities in the current reporting year. About $ 190 million are still in reserves.

According to rules established in the Neo White Paper, the NEO tokens maintained by the Neo Foundation are mainly used to continuously support Neo's technological development, ecosystem growth, community expansion and the normal operations of the foundation and related organizations. 

 

Neo Foundation

According to the publication, 1,660,865 NEOs were transferred “from a blocked account to a current account”. As the information on the blockchain shows, these funds were directed to an address containing 14.6 million NEO or about $ 100 million. The project does not disclose who controls this address and what fate awaits the released tokens.

White paper Neo suggests that project costs in any given year should not exceed 15 million tokens. In the near future, a financial report for 2019 will be published.

At the time of publication, NEO is the 23rd largest asset on the market with a capitalization of $ 479 million. The price of one NEO is $ 6.79.