While the new banks have advanced digital capabilities, none of them have a ‘monopoly on technology’, said Piyush Gupta at the Singapore Fintech Festival.

People’s Bank of China governor Yi Gang says ‘there’s no timetable for an official launch’ of the world’s first sovereign digital currency despite upcoming trials.

China is in the process of launching its sovereign digital currency, with the likes of Alibaba’s Alipay and Tencent’s WeChat Pay already popular payment methods.

In addition to QR codes, the digital yuan app might also use NFC, allowing people to pay with a tap of their phone

The US company and social media giant has committed to buying about 10 per cent of Ambani’s Jio Platforms – its biggest purchase since WhatsApp – but what does that mean for the average Indian?

China’s digital currency took one more step closer to a reality, after plans to involve major American companies including McDonald’s, Starbucks, Subway, in its testing were revealed.

Mu Changchun, central bank official in charge of plan for virtual yuan, also reveals that it will not need the backing of a basket of currencies.

The Facebook CEO has been widely admired in China, but his more recent negative comments about the country aren’t going over well

Facebook uses concerns about Chinese tech like TikTok to deflect criticism of its Libra cryptocurrency and the influence of its social network

People’s Bank of China head Yi Gang says a series of regulatory issues need to be addressed before Beijing can issue sovereign digital currency.

While the development of blockchain technology holds great potential, it should not be used to develop private forms of money such as Libra, the government in Berlin said.

‘China Daily’ reported on Tuesday that China is likely to be the first country to introduce a government-backed digital currency.

Banks’ participation in PBOC’s proposed digital currency will help them better compete with Alipay and WeChat Pay, which account for over 90 per cent of the mobile payment market and help them to retain deposits, say analysts.

A wave of fakes purporting to sell or represent Facebook’s not-yet-available Libra currency have swept onto the social-media giant’s platforms.

Congress begins two days of hearings on Tuesday on the currency planned by Facebook, while a house subcommittee will extend its bipartisan investigation of the market power of big tech companies.

Democrats said to be proposing laws just days after Donald Trump demanded companies follow the rules if they wanted to ‘become a bank’.

Trump’s comments mark a change from the White House’s usual silence on the subject even as federal regulators have grappled with how to regulate virtual coins

Speech by former People’s Bank of China governor Zhou Xiaochuan shows that China is rethinking its digital currency strategy and could involve commercial entities.

Jerome Powell, chairman of the US Federal Reserve, said the tech company’s digital currency project raised ‘serious concerns’ for regulators.

People’s Bank of China breaks silence on Facebook’s Libra, says it poses risk to stability of China’s currency unless Beijing makes yuan freely exchangeable.

New digital currency could have major impact on monetary policy and financial stability, warns Wang Xin, director of the People’s Bank of China research bureau.

China has voiced hope of a super sovereign currency to replace the US dollar hegemony, but could Facebook Libra steal its thunder?

Expected launch of new global cryptocurrency next year raises new questions for China, analysts say.