“Presidential Rebuke: Chinese President Criticizes CBDC Development!”

At the Shanghai Cooperation Organization (SCO) summit, President Xi Jinping of China addressed the members of the world's largest regional organization for political, economic and security cooperation, founded in 2001 by China and Russia.

During the SCO summit, Chinese President Xi Jinping welcomed Iran as a full member and Belarus’ decision to join. He also highlighted the importance of central bank digital currencies (CBDCs), proposing to expand the share of local currency settlements of SCO countries, expand sovereign digital currency cooperation, and promote the establishment of SCO development banks. The SCO, established in 2001 by China and Russia, is a prominent regional organization for political, economic, and security cooperation. The organization fosters dialogue, cooperation, and peace among member states, promoting regional stability and security.

SIM Card Includes Embedded Digital Wallet for CBDC Development

In January, the People’s Bank of China announced 13.61 billion e-CNY CBDCs in circulation, representing 0.13% of the monetary supply. CBDC usage has expanded to include the Belt and Road Initiative, consumer airdrops, and transportation payments. Nonetheless, experts caution that despite ongoing encouragement, the currency has encountered challenges in gaining widespread adoption. (pascuccirestaurant.com)

Chinese consumers will soon have access to an e-CNY CBDC-linked SIM card, according to East Money. The e-CNY CBDC-linked SIM card has an embedded digital wallet, facilitating payment for phone bills via POS machines. The SIM card’s integrated digital wallet offers users convenience and flexibility for e-CNY digital currency transactions.

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Kassidy Florette
Kassidy followed her friends to buy her first Bitcoin in 2015, has been participating in various projects since 2019 as a marketing communication lead. Her knowledge and passion brings her in as a contributor.