As part of efforts to conduct more test on its upcoming central bank digital currency (CBDC) and expand the scope of the digital yuan, China completed it first salary payment with the CBDC powered by blockchain technology, in the Chinese state-level new area, Xiong’an. Blockchain Technology for Salary Payments in Digital Yuan According to People’s
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The Bitcoin market’s bullish attitude saw most altcoins surging on Monday morning. Ripple’s XRP extends its 6.20% gains on Sunday with a 5% increase early today. When writing this report, XRP/USD trades at about $0.87. After XRP struggled over the last few…
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Bitcoin has risen to about $37,000 per unit at the time of writing. While this number is nothing compared with the new all-time high it attained in mid-April, it is still about $5,000 more than where it stood during the early portion of the week. Thus, it can be said that bitcoin may be returning…
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China reportedly implemented the country’s first blockchain-powered digital yuan transactions in the Xiong’an New Area.
China is progressing with its central bank digital currency (CBDC) tests, debuting blockchain-enabled salary payments in the digital yuan.
According to the official website of the Xiong’an New Area, the People’s Bank of China (PBoC) has successfully completed the nation’s first on-chain wage payouts in the digital yuan.
Announcing the news on Saturday, Xiong’an authorities said that the pilot involved guidance and support from the Shijiazhuang-based PBoC branch, the Bank of China Hebei Xiong’an branch, as well as the National Development and Reform Commission.
The new CBDC pilot used a blockchain-based payment platform to distribute salaries to workers on spring afforestation projects in Xiong’an. Engineering subcontractors made payments directly to builders’ digital wallets from a public wallet and recorded the relevant data on a blockchain.
According to the announcement, blockchain-based salary payouts significantly simplified the wage payout process. The implementation reportedly marks the first combination of blockchain technology with the digital yuan.
Xiong’an was one of the first four regions to pilot China’s CBDC in April 2020. In February, the Xiong’an branch of the Agricultural Bank of China in Hebei produced the first digital yuan-designed hardware wallet. The product was developed by the Party Working Committee of the Xiong’an New Area and the PBoC’s branch in Shijiazhuang.
Some interesting developments took place in the crypto space today. Bitcoin is currently up 4.2% and is trading at $37,581.20. Ethereum is also up 0.5% over the last 24 hours; trading at $2,443.87. Let’s examine some of the top crypto news stories for the day. 1 – Thailand Regulators Ban Meme Coins, Fan Tokens & […]
After announcing shutdown of San Francisco headquarters last month, Coinbase is reportedly quietly setting up its first office in New York.
The United States’ largest cryptocurrency exchange, Coinbase, is reportedly setting up its first office in New York. The Nasdaq-listed cryptocurrency exchange has allegedly subleased 30,000 square feet from Steven Cohen’s investment firm Point72 at Related Companies’ 55 Hudson Yards in New York, the New York Post reports Sunday.
Citing sources from a real estate firm, the report notes that Coinbase’s upcoming NY office makes up a small chunk of Point72’s total 339,000 square feet at the tower. The report also notes that Hudson Yards area is mostly known for corporate, media, and law tenants but not technology companies.
“It’s a new brand of user not only for Related’s Hudson Yards but also for the entire far West Side area,” one market observer reportedly said.
The biggest crypto exchange in the United States, Coinbase became even more discussed this year after going public on Nasdaq in April. The firm is known for its no-headquarter stance officially announced by CEO and co-founder Brian Armstrong in February 2021. Last month, Coinbase was planning to shut down its office in San Francisco in 2022 as part of the company’s commitment to “being remote first.”
Armstrong stressed that the closure of Coinbase’s headquarters in the Golden Gate City will be an important step in ensuring that no office becomes an unofficial headquarters. “Instead, we will offer a network of smaller offices for our employees to work from if they choose to,” he said.
As previously reported by Cointelegraph, Coinbase’s position on being remote-first echoes a similar no-headquarters stance by competitor Binance, the world’s largest cryptocurrency exchange. Binance CEO Changpeng Zhao said back in 2019 that office and headquarters are “old concepts like SMS and MMS.”