Global #China

China's digital currency, the e-CNY, has facilitated over 7.3 trillion yuan (approximately $1 trillion) in transactions across its pilot regions, highlighting the country's ambition to strengthen its financial framework and enhance the renminbi’s global presence.

Recent trends indicate a significant pivot among Chinese investors as they increasingly turn their attention from cryptocurrencies back to the nation’s stock market.

In a significant call for change, Zhu Guangyao, a former senior finance official in China, has urged the government to reconsider its strict ban on cryptocurrencies.

Despite a 2021 ban on cryptocurrency trading, China's over-the-counter (OTC) crypto market continues to flourish. A new report from Chainalysis reveals that these platforms have seen significant inflows of $20 billion per quarter on average through June, totaling $75.4 billion for the nine months.

Bitcoin (BTC) saw a decline to $62,700 after hitting a near one-month high of $64,500, coinciding with China’s latest economic stimulus measures. The People's Bank of China (PBoC) cut the reserve requirement ratio for banks by 50 basis points and reduced the seven-day reverse repo rate to 1.5%.

In a significant move against financial crime, China has successfully extradited a suspected mastermind behind a massive cryptocurrency pyramid scheme.