Hong Kong and China explore and trial cross-border digital yuan
By Tyler S - Cryptocurrency expert - 01-04-2021
China has completed its first cross-border wireless yuan pilots with Hong Kong. The Hong Kong Monetary Authority and the People's Bank of China have performed analytical tests and measures on the cross-border use of China's central bank digital currency, yuan, according to Wang Xin, director of the People's Bank of China research bureau.
More central banks are exploring and implementing digital currencies, as crypto market investments amongst retail consumers are increasing. Institutional participants who are also investing in cryptocurrency are having a huge contribution to the conversation.
Mu Changchun, the head of the PBoC's digital currency research institute, suggested a set of global CBDC rules last week. Mu, presenting at a Bank for International Settlements seminar, urged global financial institutions to maintain national digital currencies' global connectivity.
The most recent news represents an important update to China's CBDC growth. This has followed the launch of internal digital yuan pilots back in April 2020, the Chinese central bank has continued trying to expand its CBDC as much as possible.
As a result, the PBoC partnered with central banks in Hong Kong, Thailand, and the United Arab Emirates to investigate the creation of a cross-border CBDC in February 2021.
If you are looking to start buying and sellingBitcoin (BTC) but you’re not sure where to find a good crypto broker? Head over to BC Bitcoin –the most trusted Bitcoin broker in the UK and register an account to start investing today.
https://cointelegraph.com/news/hong-kong-and-china-test-cross-border-digital-yuan-says-pboc-official
Dear valued BC Bitcoin UK Clients,
I hope this email finds you well. We are reaching out to inform you of some significant changes to our services that directly impact our operations within the United Kingdom. Regrettably, due to the recent regulatory developments introduced by the Financial Conduct Authority (FCA) and the implementation of the new Financial Promotions Regime, BC Bitcoin is no longer able to offer our services to clients based in the UK. This very difficult decision is in compliance with the regulatory framework and ensures that we uphold the highest standards of transparency and legality. You can view the FCA publication here: https://www.fca.org.uk/publication/finalised-guidance/fg23-3.pdf As a result, we would like to inform you of the following changes and provide guidance on how to manage your assets with BC Bitcoin:
1. **Service Termination for UK Clients:**
BC Bitcoin will no longer be able to accept new purchase orders from clients residing in the United Kingdom.2. **Continued Operation Outside the UK:**
Despite the changes within the UK, BC Bitcoin will continue to operate outside of the UK as normal. Our services will remain unaffected for clients in other regions.3. **Withdrawal of Assets:**
For our UK clients holding assets with BC Bitcoin, we want to assure you that your assets are secure. You have the option to safely withdraw your assets or exchange them to GBP or EUR and subsequently withdraw. We have streamlined the withdrawal process to ensure convenience for our clients.4. **Conversion of Assets:**
To convert your Holdings to fiat please log in to your BC Bitcoin account and submit a sell order for the amount of coin you hold with us. During the process you will shown how much you will receive and asked the bank details you wish to receive payment to. In addition, you can request the conversion by emailing info@bcbitcoin.com from your registered email address. If you encounter any issues or require assistance, our customer support team is ready to help you throughout the process.5. **Withdrawal Procedure:**
To initiate a withdrawal, please email your request to info@bcbitcoin.com from your registered email address. You may be asked some security questions to verify your identity. If you encounter any issues or require assistance, our customer support team is ready to help you throughout the process. These changes are effective immediately, and we appreciate your understanding and cooperation during this transitional period. We understand that this may be an inconvenience for our UK clients, and we sincerely apologise for any disruption this may cause. Thank you for being a valued part of the BC Bitcoin community. We are committed to providing you with a seamless experience as we navigate through these regulatory changes. If you have any questions or concerns, please do not hesitate to reach out to our customer support team at info@bcbitcoin.com Kind Regards