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China’s central bank said digital Yuan to co-exist with private online payment platforms, while also protecting the nation's monetary sovereignty.
Regulators have instructed Ant Group to form a financial holding company under their supervision as well as shrink its money market fund Yu’ebao. The revamp sets the clock ticking again on Ant Group’s countdown to IPO.
The head of a major bitcoin exchange in China says few people there use the cryptocurrency to get around rules on how much money they can take out of the country.
HONG KONG (Reuters) - China plans to push tech giants including Ant Group, Tencent and JD.com to share consumer loan data to prevent excess borrowing and fraud, two people with knowledge of the matter said, in Beijing's latest tightening of scrutiny.
China's central bank told a top-level government Internet finance group that the monetary authority can tell local governments to regulate the power usage of bitcoin miners to gradually reduce the scale of their production.
As Facebook readies to launch its answer to bitcoin, China is set to introduce its own digital currency, one that could allow the government and the central bank to see what people spend their money on.
Energy-intensive sector is expected to absorb the province’s excess electricity output.
China cracks down on speculative trading in limited edition shoes, but ‘sneakerheads’ continue to fuel phenomenon
People’s Bank of China has said that speculative buying of limited edition trainers had become a problem and warned speculators against using more than a dozen online platforms. Growing popularity of sneaker trading has seen Sneaker Con launch its first event in Shanghai and US-based marketplace GOAT launch a China-specific app.
While financial technology brings efficiencies, its risks must be closely regulated, warns People’s Bank of China deputy governor Pan Gongsheng.
China proposed measures to curb market concentration in its online payment market, potentially dealing another blow to financial technology giant Ant Group Co and Tencent Holdings Ltd.