Tag: digital

Posted in Money

Central bank test of digital currency set to expand

China is expected to expand the central bank’s digital currency pilot programs to a broader range later this year or early in 2021, focusing on retail use. That may replace some functions of bank cards, a former State bank executive said.

China is implementing programs to test the digital currency in Shenzhen, Guangdong province; Chengdu, Sichuan province; Suzhou, Jiangsu province; and Xiong’an in Hebei, with some facilities to be used during the 2022 Winter Olympics, according to the People’s Bank of China, the central bank.

The currency has been tested within a small scope and in some cases, such as payments of retail sales and salaries, and it has matured sufficiently to go public on a wider scale, said Li Lihui, former president of Bank of China.

“But the pilot program is relatively limited right now, involving a small group of people. The trials’ expansion may take more time; it

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Posted in Money

Routable Raises $12M For Digital B2B Services

Routable, which aims to simplify the sending and receiving of B2B payments, has come off a Series A funding round with $12 million, a press release says.

That comes out to $16 million that the company has raised overall.

The round featured contributions from Y Combinator, Founders Co-Op, Lee Fixel, Box Group, as well as Liquid 2 Ventures, Jason Gardner, Gokul Rajaram, Aaron Schildkrout, Sam Hodges, Immad Akhund and more, the press release says.

The company plans to use the money to continue growing, including hiring more people and scaling the product.

Routable co-founder and chief executive Omri Mor said the idea behind Routable was to accommodate different companies’ needs for payments.

“Sending 1,000 business payments per month is a much different proposition than sending 10,000 or 100,000 monthly payments,” said Mor. “We believe finance departments deserve the best software and support as

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Posted in Money

Mining and the curious case of the digital yuan





© TechNode


Last week was a busy week in China’s blockchain world, particularly in cryptocurrency mining circles. The Battle of Bitmain drags on, while the government of Inner Mongolia is cracking down on the local mining industry. At the end of the week, the digital yuan made an appearance on a banking app, then mysteriously disappeared.

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The world of blockchain moves fast, and nowhere does it move faster than China. Here’s what you need to know about China’s block-world for the week of August 24-30.

The curious case of the digital yuan

China Construction Bank, one of China’s “big four,” on Saturday opened its digital yuan e-wallet to the public. The feature was available on the bank’s app, leading to widespread speculation that the central bank’s digital currency was finally ready for public use. Some users even managed to conduct some transactions.

Later on the same day, the

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Posted in Money

Bridging the Digital Divide Through Coding

Whether you agree with the idea of reopening schools or not,  distance learning will soon be the norm. The old-fashioned educational system of long days, crowded classrooms and antiquated expensive textbooks will become a thing of the past as parents and students adjust to the changing mode of education. Everyone must embrace the fact that this will be a turbulent academic season.



Imani sitting at a table using a laptop computer


© Willie B. Thomas | Getty Images


As parents, we must adjust our traditional thinking and adapt to a changing narrative about education and the outlook for career prospects for our children. Honestly, many of the professions and business models that we once wanted for our children may be gone, and many will never return — especially with major brick-and-mortar operations, which are barely holding on during this retail apocalypse.

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Related: How Remote Education Is Evolving During the Crisis

With most K-12 schools across the country

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Posted in Money

Central banks ‘troubled and intrigued’ by expansion in digital currency

DBS describes the growth of digital currency as both fascinating and daunting in a new research paper, ‘Digital Currencies: Public and Private, Present and Future’.

The Singaporean bank has produced the paper to appraise the latest developments in public and private digital currencies, with a view to publishing quarterly updates on the industry.

The paper claims that Asia is the world’s largest digital payments market, accounting for half of the world’s top ten crypto exchanges measured by traffic, liquidity and trading volume.

Digital currencies have “captured the investor zeitgeist”, whether it be speculation, precaution or simple portfolio diversification, powered further by the unprecedented levels of financial stimulus being injected by central banks to counter the Covid-19-related economic headwinds.

While Bitcoin is still seen as the flagship of crypto, the paper stresses the proliferation that the space has seen, citing the 2500+ currencies listed on coinmarketcap.com.

A considerable number of moving

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Posted in Money

China’s major state banks start internal testing of digital wallet application: media

FILE PHOTO: The headquarters of the People’s Bank of China, the central bank, is pictured in Beijing, China, as the country is hit by an outbreak of the new coronavirus, February 3, 2020. REUTERS/Jason Lee

SHANGHAI (Reuters) – China’s major state-run commercial banks are conducting large-scale internal testing of a digital wallet application, moving a step closer to the official launch of a home-grown digital currency, the 21st Century Business Herald reported on Thursday.

The state-backed newspaper cited sources saying employees at state banks in cities including Shenzhen have started internally testing the app to transfer money and make payments.

The move is in line with a key task for the second half of this year set by the People’s Bank of China (PBOC), which in statement on Monday said the country should actively and steadily promote the development of a state digital currency.

In April, the PBOC’s digital currency

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Posted in Money

Fed says it is developing an experimental digital currency

Pedestrians pass a digital sign advertising the latest rates for currency in Istanbul. Photographer: Kostas Tsironis/Bloomberg


Kostas Tsironis/Bloomberg News

The Federal Reserve on Thursday announced it is building and testing a hypothetical digital currency, equivalent of cash.

The goal of the program is to enhance the Fed’s understanding of digital currencies, said Fed Governor Lael Brainard, in a speech to a conference on innovation sponsored by the Fed’s San Francisco regional bank.

Brainard went to great pains to stress that the central bank is not poised to issue digital dollars.

A “separate policy process” involving thorny legal questions would be needed if the Fed ever wanted to use a digital currency. The central bank has not made a decision to even start such a process, Brainard said.

“We are taking the time and effort to understand the significant implications of digital currencies and central-bank-digital-currencies around the globe,” Brainard said.

“Given

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Posted in Money

County Assembly now goes digital: The Standard

From Left: Kisumu Speaker Elisha Oraro, Governor Anyang’o and ODM leader Raila Odinga at the governor’s office. (Kepher Otieno, Standard).

Kisumu County residents will from next week watch live assembly proceedings from various online platforms, Speaker Elisha Oraro has disclosed.

Oraro said the assembly leadership has decided to move away from tedious paper work and instead embrace technology.
”Previously the assembly has been spending a lot of money photocopying Motions and Bills to be distributed to all members. This will now be history as we go digital from next week,” Oraro said.
In a bid to further transform the assembly’s business for posterity, the speaker disclosed that members will from now henceforth submit Bills and Motions online.

SEE ALSO: 120 jobs as Naivas gets new branch

“This is a milestone and an indication that the assembly as a public utility embraces open-door policy to reach out to diverse audiences,” said

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Posted in Money

Going digital: Pandemic drives rapid growth for local online food sales

Hands hold a phone and place orders for food, a van drives with a basket of food on top, a variety of food sits on top of a cell phone.
(Farm and Dairy image)

After years of taking his products to farmers markets in Cleveland, Kevin Henslee, of Yellow House Cheese, stopped this spring.

“It didn’t make sense to go out during a pandemic,” he said.

If his wife, Kristyn, gets sick, she can’t make cheese. Henslee worried that farmers market crowds would be too concentrated and would lead to a greater risk of illness. They also lost some of their other markets, like restaurants. So, instead, they shifted their focus to online sales.

The Henslees raise lamb, beef, pork and chicken, and make cheese from sheep’s milk and cow’s milk from neighboring farms. They partnered with friends who grow produce and other products to open an online store.

So far, it’s gone so well that they’re planning to make online sales a permanent part of their business.

But the Henslees are far from the first farmers to explore online

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Posted in Money

BusinessWorld In-Depth digital magazines now available on Magzter





© Provided by BusinessWorld


BusinessWorld In-Depth, the Philippines’ leading business paper’s on-demand digital magazine, is now available on Magzter.

The first issue, “Banking in the Time of COVID-19”, features the complete First Quarterly Banking Report which revealed that in the first three months of the year, big banks reported lower profits, reduced capacity to absorb risky assets, and slower asset growth compared to the same period last year.

In addition to the financial data, this issue also provides feature articles on the sector. The banner story discusses banking in the so-called “new normal” that necessitated the use of digital platforms amid lockdown restrictions imposed by the government.

The article “Pandemic speeds up shift to digital banking” discusses this further in detail, while another feature looks at assistance provided to micro, small, and medium enterprises amid the pandemic. Rounding the roster of articles for this issue include the outlook for

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