China's new digital currency

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China launching Cryptocurrency

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-- China's central bank on the brink of launching a digital currency. How will this revolutionize the monetary landscape in China and abroad?

-- and, we meet a scholar whose calling revolves around friendly China-US ties. How can people on both sides maintain the relationship.

China's to launch its own digital currency

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The Point: What does China think about Facebook's digital currency?

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CHINA’S CENTRAL BANK SAYS THEIR DIGITAL CURRENCY IS READY

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From 'Made in China' to 'Created in China'从中国制造到中国智造 https://youtu.be/mt77GAFWQV0

Made in China" used to be a synonym for cheap products, but all that has changed. China has made huge progress in innovation and technology. From the Sunway TaihuLight supercomputer, the fastest in the world, and the 500-meter-wide radio telescope in southwest China's Guizhou Province, to the development of lithium battery and 3D-printed blood vessels made from stem cells and renewable energy technologies, Chinese innovations are making a name for themselves. CGTN explains China's huge transformation from the world's factory to an innovation leader.

CGTN's special program "New China" gives you an in-depth look at China 70 years on. Our crew is on a 12-day journey around China's southwestern, southeastern and northeastern regions. Don't miss it. #PanoramicChina #70YearsThriving

China's central bank speeds up digital currency drive

 Private-sector players likely to participate in project

Photo: VCG

With internet technologies advancing and cryptocurrencies flourishing amid a broad digital transformation, individual countries are starting to issue legal tender in digital form, and the People's Bank of China (PBC), the country's central bank, is also accelerating its pace in this area.

As of Sunday, the PBC had applied for 74 patents involved with digital currencies to the National Intellectual Property Administration, according to a report by the Economic Information Daily on Monday.

The PBC said it will speed up the development of legal digital currency on Friday.

Wang Xin, director of the PBC Research Bureau, said in July that the authority is organizing market-oriented institutions to jointly research and develop a central bank digital currency and the program has been approved by the State Council, China's Cabinet.

"China is beefing up efforts in digital currency innovation, a trend driven by emerging technologies that is spreading worldwide," said Huang Zhen, a professor at the Central University of Finance and Economics.

Rather than letting cryptocurrencies challenge the position of sovereign currencies, it is wiser for countries to roll out their own digital currencies, Huang told the Global Times on Monday.

Chinese authorities ordered a ban on initial coin offerings in 2017 and stopped direct bitcoin-yuan trading as the rapidly expanding market spawned concerns over financial risks.

The PBC, one of the earliest central banks in the world to start the process of digital currency innovation, launched its program in 2014 during the tenure of former governor Zhou Xiaochuan. In 2017, the PBC established a research institution for the digital currency.

"China is among the leading countries in terms of its research into a government-backed currency," said Huang.

Favorable conditions

The basic conditions favorable for China's implementation of a digital currency include comprehensive and fast networks, broad digitalization in the financial sector, and advanced financial technologies - particularly blockchain, a digital, public ledger that records online transactions, according to Huang.

In recent years, Chinese internet companies have made huge achievements in the mobile payment and e-commerce sectors, helping create a digital economy of more than 30 trillion yuan ($4.36 trillion), according to media reports.

In June, US social media giant Facebook released an official white paper for its cryptocurrency project Libra, a blockchain-powered stablecoin expected to arrive in 2020.

The move stepped up the global race for digital currencies, with China's central bank paying close attention.

The central bank is closely working with market participants on creating a central bank digital currency, PBC official Wang said.

"China's private market players have accumulated some experience in the digital currency sector. Their participation in the government's work will effectively help promote the project," Cao Yin, an expert in the blockchain sector, told the Global Times on Monday.

It is likely that the sovereign digital currency will be issued within two or three years at the soonest, although the authority tends to take a prudent attitude, Cao said.

Once it is broadly implemented, the new currency will have a big impact on Alibaba's Alipay and Tencent's WeChat Pay, the two dominant mobile digital payment tools in China, as the PBC's digital currency is featured by decentralization, unlike the former two.

Challenges ahead

There are still some bumps on the road to promoting the digital currency.

"For this new kind of currency, its nature actually poses challenges to existing policies in such aspects as foreign exchange control, so it takes time to balance benefits with potential risks," said Cao.

A flexible and open mechanism is needed by the PBC to attract more talent, he added.

Digital currencies can help strengthen regulation as transaction data can be tracked and analyzed, including illegal money laundering, according to Huang. But laws and rules should be formulated in a timely fashion to protect individual information. "Safety is the biggest issue," he added.

"Use of the digital currency to better serve the real economy also requires policy guidance," said Huang. Newspaper headline: PBC accelerates digital currency drive.

 Source link

RELATED ARTICLES:

• Libra is unlikely to become a real currency as negatives outnumber positives
• Despite pushbacks, Facebook clings to Libra
• China cannot be absent from the era of global digital currency competition

Shenzhen takes lead in cryptocurrency

in China to launch a national digital currency, following the central government's plan to work...
Source: Global Times | Author: Li Xuanmin and Shen Weiduo in Shenzhen | Column: Economy

Shenzhen to head research into national digital currency

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China's new digital currency

https://youtu.be/QlBp9fz6eVE

China launching Cryptocurrency

https://youtu.be/q5rRgKYLnjk

-- China's central bank on the brink of launching a digital currency. How will this revolutionize the monetary landscape in China and abroad?

-- and, we meet a scholar whose calling revolves around friendly China-US ties. How can people on both sides maintain the relationship.

China's to launch its own digital currency

https://youtu.be/IWVBxOdfdOo

The Point: What does China think about Facebook's digital currency?

https://youtu.be/eAPLA4oy7Ks

Facebook announced plans to launch a cryptocurrency for its members, with the aim of enabling them to make virtually all their transactions online. What are the potential risks for governments, companies and individuals?

China to launch gov’t-backed digital currency

  https://youtu.be/KEj6gNiIlOw

China Is Issuing It's Own Digital Currency

https://youtu.be/Jj_t9Mnnj8k

China's yuan will become a cryptocurrency, blockchain expert says

https://youtu.be/jAbVPCpdXRs

China Cryptocurrency is Ready!!! - Crypto Daily News

https://youtu.be/0i-1cU53Fkk

Christine Lagarde: 'Central Bank digital currency is coming alive'

https://youtu.be/-D9MRkw5wOc

Tech Daily: China government backed digital currency launch soon

https://youtu.be/HTqdVPchmhY

US, China to meet as Beijing considers digital currency

https://youtu.be/AOvdDBnb08M

CHINA’S CENTRAL BANK SAYS THEIR DIGITAL CURRENCY IS READY

https://youtu.be/zU9pni9bYmk

From 'Made in China' to 'Created in China'从中国制造到中国智造 https://youtu.be/mt77GAFWQV0

Made in China" used to be a synonym for cheap products, but all that has changed. China has made huge progress in innovation and technology. From the Sunway TaihuLight supercomputer, the fastest in the world, and the 500-meter-wide radio telescope in southwest China's Guizhou Province, to the development of lithium battery and 3D-printed blood vessels made from stem cells and renewable energy technologies, Chinese innovations are making a name for themselves. CGTN explains China's huge transformation from the world's factory to an innovation leader.

CGTN's special program "New China" gives you an in-depth look at China 70 years on. Our crew is on a 12-day journey around China's southwestern, southeastern and northeastern regions. Don't miss it. #PanoramicChina #70YearsThriving

China's central bank speeds up digital currency drive

 Private-sector players likely to participate in project

Photo: VCG

With internet technologies advancing and cryptocurrencies flourishing amid a broad digital transformation, individual countries are starting to issue legal tender in digital form, and the People's Bank of China (PBC), the country's central bank, is also accelerating its pace in this area.

As of Sunday, the PBC had applied for 74 patents involved with digital currencies to the National Intellectual Property Administration, according to a report by the Economic Information Daily on Monday.

The PBC said it will speed up the development of legal digital currency on Friday.

Wang Xin, director of the PBC Research Bureau, said in July that the authority is organizing market-oriented institutions to jointly research and develop a central bank digital currency and the program has been approved by the State Council, China's Cabinet.

"China is beefing up efforts in digital currency innovation, a trend driven by emerging technologies that is spreading worldwide," said Huang Zhen, a professor at the Central University of Finance and Economics.

Rather than letting cryptocurrencies challenge the position of sovereign currencies, it is wiser for countries to roll out their own digital currencies, Huang told the Global Times on Monday.

Chinese authorities ordered a ban on initial coin offerings in 2017 and stopped direct bitcoin-yuan trading as the rapidly expanding market spawned concerns over financial risks.

The PBC, one of the earliest central banks in the world to start the process of digital currency innovation, launched its program in 2014 during the tenure of former governor Zhou Xiaochuan. In 2017, the PBC established a research institution for the digital currency.

"China is among the leading countries in terms of its research into a government-backed currency," said Huang.

Favorable conditions

The basic conditions favorable for China's implementation of a digital currency include comprehensive and fast networks, broad digitalization in the financial sector, and advanced financial technologies - particularly blockchain, a digital, public ledger that records online transactions, according to Huang.

In recent years, Chinese internet companies have made huge achievements in the mobile payment and e-commerce sectors, helping create a digital economy of more than 30 trillion yuan ($4.36 trillion), according to media reports.

In June, US social media giant Facebook released an official white paper for its cryptocurrency project Libra, a blockchain-powered stablecoin expected to arrive in 2020.

The move stepped up the global race for digital currencies, with China's central bank paying close attention.

The central bank is closely working with market participants on creating a central bank digital currency, PBC official Wang said.

"China's private market players have accumulated some experience in the digital currency sector. Their participation in the government's work will effectively help promote the project," Cao Yin, an expert in the blockchain sector, told the Global Times on Monday.

It is likely that the sovereign digital currency will be issued within two or three years at the soonest, although the authority tends to take a prudent attitude, Cao said.

Once it is broadly implemented, the new currency will have a big impact on Alibaba's Alipay and Tencent's WeChat Pay, the two dominant mobile digital payment tools in China, as the PBC's digital currency is featured by decentralization, unlike the former two.

Challenges ahead

There are still some bumps on the road to promoting the digital currency.

"For this new kind of currency, its nature actually poses challenges to existing policies in such aspects as foreign exchange control, so it takes time to balance benefits with potential risks," said Cao.

A flexible and open mechanism is needed by the PBC to attract more talent, he added.

Digital currencies can help strengthen regulation as transaction data can be tracked and analyzed, including illegal money laundering, according to Huang. But laws and rules should be formulated in a timely fashion to protect individual information. "Safety is the biggest issue," he added.

"Use of the digital currency to better serve the real economy also requires policy guidance," said Huang. Newspaper headline: PBC accelerates digital currency drive.

 Source link

RELATED ARTICLES:

• Libra is unlikely to become a real currency as negatives outnumber positives
• Despite pushbacks, Facebook clings to Libra
• China cannot be absent from the era of global digital currency competition

Shenzhen takes lead in cryptocurrency

in China to launch a national digital currency, following the central government's plan to work...
Source: Global Times | Author: Li Xuanmin and Shen Weiduo in Shenzhen | Column: Economy

Shenzhen to head research into national digital currency

: 3pxFile photo: ICpResearch into a national digital currency, as mentioned in a central government...
Source: Global Times | Author: Zhang Hongpei | Column: Economy

Related posts:

BLOCKCHAIN beyond Bitcoin

 

What is Blockchain Technology, its uses and applications?

 

SC to regulate digital assets

 

Facebook delves into Cryptocurrency, the Libra coin plan

Cryptocurrency and Facebook logo are seen together in this photo. Photo: IC 

Video: 

https://youtu.be/eAPLA4oy7Ks 

Penang, a hub for 5G RF chip production

Significant role: Mini-Circuits’ manufacturing facility in Penang is expected to contribute about 10% of the group’s 5G RF chips production over the next few years.

PENANG is one of a handful of manufacturing sites in Asia with a 5G (fifth-generation mobile networks) radio frequency (RF) chip production facility. And the state has become an important production site for Mini-Circuits Technologies (Malaysia), a subsidiary of New York-based Scientific Component.

It is now producing one million 5G RF chips a month for use in 5G telecommunication base stations worldwide.

“We started 5G RF chip production in 2018.

“The plan is to increase the output to between 40 million and 50 million units in three years, depending on how fast telcos worldwide are able to implement 5G base stations,” says Datuk Seri Kelvin Kiew, president and chief executive officer of Mini-Circuits.

In Penang, Mini-Circuits produces 5G mmWave and sub-6 GHZ chips.

What is the fuss over 5G?

“In layman’s terms, 5G, the successor to 4G, is 100 times faster than 4G, with speeds that reach 10 gigabits per second.

“This would let consumers download a full-length high-definition movie in seconds.

“5G will have enhanced bandwidth, allowing it to accommodate the ‘Internet of Things’ (IoT) such as smart refrigerators to traffic lights to dog collars, enabling them to transmit and receive data.

Faster speed: The 5G technology will benefit both businesses and consumers, says Kiew.

“The potential benefits to 5G are vast for both businesses and consumers – for the former, the additional capacity and speed should allow for greater mobile working whilst for consumers, the speed should offer additional benefits within the ability of your smartphone. 5G is also crucial to the full implementation of AI (artificial intelligence) worldwide.

“For example, a business using a 5G network would mean employees can video conference from any location whilst for consumers, 5G could allow you to download a film to your smartphone in under a second,” Kiew says.

Penang is an important manufacturing site for Mini-Circuits, contributing about 10% of the 5G RF chips – valued at about US$350mil – to be shipped out by the group over the next few years.

“The value of the 5G RF chips shipped out from Penang is estimated to be about US$80mil for 2019, of which, about half of the amount is for the China market,” he says.

In the initial phase, the sub-6 GHZ application will dominate production, as it provides reasonable bandwidth speed and wider coverage.

“In the subsequent phase, the mmWave will be used in areas where there is a need for multi-gigabit communication services.

“The objective with mmWave is to increase the data bandwidth available over smaller, densely populated areas.

“It will be a key part of 5G in many cities, powering data in sports stadiums, malls, and convention centres, as well as basically anywhere that data congestion might be a problem.

“Out in rural towns and villages, sub-6 GHz and low bands below 2 GHz will probably play a more crucial role in ensuring consistent coverage,” Kiew says.

A problem with mmWave is that the signal cannot penetrate walls.

“However, the mmWave will leverage the support from 5G base stations to bounce around until a decent signal is transmitted.

“When it rains, the signal will be impacted.

“Our manufacturing site worldwide, including Penang, will work on improving both the mmWave and sub-6 GHZ band RF modules to overcome the limitations,” he adds.

According to Global System for Mobile Communications (GSMA) forecast, by 2025, there will be 1.2 billion 5G connections worldwide, with 5G networks covering almost 40% of the global population.

Asia Pacific will account for more than half of these, or 675 million 5G connections, by 2025. But when will 5G become a reality?

“The first 5G compatible phones will become available in the middle of this year, but consumers will not initially notice vastly faster speeds because 5G coverage will be limited to certain cities or neighbourhoods at first.

“Analysts predict it will be at least a couple of years before the network’s reach will be extensive enough to let you use your 5G phone without relying on current wireless standards most of the time,” he says.

“We had a record year in 2018 shipping over US$400mil worth of RF products that includes filters, power splitters, and amplifiers.

“Growth in 2019 will be between 5% and 10%, impacted by the trade war and the overall slow down in the handheld products. “Our Malaysia facility is expected to ship US$150mil worth of RF products in 2019,” Kiew concludes.

By David Tan The Star

Related:

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Penang, a hub for 5G RF chip production

Significant role: Mini-Circuits’ manufacturing facility in Penang is expected to contribute about 10% of the group’s 5G RF chips production over the next few years.

PENANG is one of a handful of manufacturing sites in Asia with a 5G (fifth-generation mobile networks) radio frequency (RF) chip production facility. And the state has become an important production site for Mini-Circuits Technologies (Malaysia), a subsidiary of New York-based Scientific Component.

It is now producing one million 5G RF chips a month for use in 5G telecommunication base stations worldwide.

“We started 5G RF chip production in 2018.

“The plan is to increase the output to between 40 million and 50 million units in three years, depending on how fast telcos worldwide are able to implement 5G base stations,” says Datuk Seri Kelvin Kiew, president and chief executive officer of Mini-Circuits.

In Penang, Mini-Circuits produces 5G mmWave and sub-6 GHZ chips.

What is the fuss over 5G?

“In layman’s terms, 5G, the successor to 4G, is 100 times faster than 4G, with speeds that reach 10 gigabits per second.

“This would let consumers download a full-length high-definition movie in seconds.

“5G will have enhanced bandwidth, allowing it to accommodate the ‘Internet of Things’ (IoT) such as smart refrigerators to traffic lights to dog collars, enabling them to transmit and receive data.

Faster speed: The 5G technology will benefit both businesses and consumers, says Kiew.

“The potential benefits to 5G are vast for both businesses and consumers – for the former, the additional capacity and speed should allow for greater mobile working whilst for consumers, the speed should offer additional benefits within the ability of your smartphone. 5G is also crucial to the full implementation of AI (artificial intelligence) worldwide.

“For example, a business using a 5G network would mean employees can video conference from any location whilst for consumers, 5G could allow you to download a film to your smartphone in under a second,” Kiew says.

Penang is an important manufacturing site for Mini-Circuits, contributing about 10% of the 5G RF chips – valued at about US$350mil – to be shipped out by the group over the next few years.

“The value of the 5G RF chips shipped out from Penang is estimated to be about US$80mil for 2019, of which, about half of the amount is for the China market,” he says.

In the initial phase, the sub-6 GHZ application will dominate production, as it provides reasonable bandwidth speed and wider coverage.

“In the subsequent phase, the mmWave will be used in areas where there is a need for multi-gigabit communication services.

“The objective with mmWave is to increase the data bandwidth available over smaller, densely populated areas.

“It will be a key part of 5G in many cities, powering data in sports stadiums, malls, and convention centres, as well as basically anywhere that data congestion might be a problem.

“Out in rural towns and villages, sub-6 GHz and low bands below 2 GHz will probably play a more crucial role in ensuring consistent coverage,” Kiew says.

A problem with mmWave is that the signal cannot penetrate walls.

“However, the mmWave will leverage the support from 5G base stations to bounce around until a decent signal is transmitted.

“When it rains, the signal will be impacted.

“Our manufacturing site worldwide, including Penang, will work on improving both the mmWave and sub-6 GHZ band RF modules to overcome the limitations,” he adds.

According to Global System for Mobile Communications (GSMA) forecast, by 2025, there will be 1.2 billion 5G connections worldwide, with 5G networks covering almost 40% of the global population.

Asia Pacific will account for more than half of these, or 675 million 5G connections, by 2025. But when will 5G become a reality?

“The first 5G compatible phones will become available in the middle of this year, but consumers will not initially notice vastly faster speeds because 5G coverage will be limited to certain cities or neighbourhoods at first.

“Analysts predict it will be at least a couple of years before the network’s reach will be extensive enough to let you use your 5G phone without relying on current wireless standards most of the time,” he says.

“We had a record year in 2018 shipping over US$400mil worth of RF products that includes filters, power splitters, and amplifiers.

“Growth in 2019 will be between 5% and 10%, impacted by the trade war and the overall slow down in the handheld products. “Our Malaysia facility is expected to ship US$150mil worth of RF products in 2019,” Kiew concludes.

By David Tan The Star

Related:

AI to nearly double the rate of innovation in 2021 | Focus Malaysia

 

Penang's PIL and LRT to go ahead - Nation

Related posts:

Huawei’s founder Ren Zhengfei breaks years of silence amid continued US attacks on Chinese tech giant

Ren Zhengfei, founder and chief executive officer of Huawei Technologies Co., speaks during an interview at the company's headq...

Huawei gaining support despite US ban

 

Battle for global 5G mobile phone technology the real reason for Huawei CFO arrest

 

Why Huawei’s 5G technology is seen as a threat by the US

 

Huawei unveils server chipset as China cuts reliance on imports