Analysis News TheBitTimes.com

The Bank of England CBDC plan threatens traditional banks. According to Governor Andrew Bailey, banks must modernize or risk failure. This digital currency push creates new challenges for the UK banking sector. Innovation will determine which banks will survive. Many banks are already closing branches, showing the start of major changes in banking. Also Read: Ripple (XRP) & Solana (SOL) Price Forecast For November 2024 Exploring the Impact of the Bank of England’s CBDC on Traditional Banks Survival Through Innovation or Extinction Bailey’s message at the Group of Thirty’s Annual International Banking Seminar was clear: “If for some reason innovation is unlikely to happen, then the central banks have to decide whether they are the only game in town.” Banks must update their systems or lose business to the central bank. Research shows banks could lose 20% of their revenue when Bank of England’s CBDC launches. Small banks face the highest risk of failure. Banks’ Path to Survival Bank

China investigating Yao Qian, the former head of the Digital Yuan project. Local media reports say Yao is under probe for “violations of discipline and law.” Yao Qian, a leading Chinese blockchain expert who previously spearheaded China ’s Digital Yuan program, is reportedly under government investigation . The Digital Yuan is a central bank digital currency (CBDC) project that sparked other countries towards similar efforts.  Local media reports say China ’s anti-graft agency is probing Yao for alleged “violations of discipline and law.” Ex-Digital Yuan boss under probe Yao led the Chinese central bank’s CBDC effort before exiting the PBOC in 2018 to join the Securities Regulatory Commission. On Friday, state-run news agency Shanghai Securities News, reported:   “ Yao Qian, Director of the Science and Technology Supervision Department and Director of the Information Center of the China Securities Regulatory Commission, is suspected of serious violatio

A fake digital currency wallet Scam that mimics e-CNY, the Central Bank digital currency ( CBDC ) of China , is being shared across the country’s app stores, according to the Chinese Ministry of Industry and Information Technology.  The Chinese government warned social media users of a fake variation of the ‘Digital Yuan Test Version’ being listed on app stores.  The fake wallet reportedly uses ‘dividends’ to manipulate users into sharing the app while also directing them to ‘uncommon social tools’ capable of seizing user funds.  The app copies the e-CNY app’s logo, color scheme, and user interface but differs in its package name and version number. The government’s statement didn’t disclose exactly which app store the scam wallet is being listed on. The fake app (bottom) pictured with the legitimate e-CNY one. Authorities reportedly warned users to be wary of fake apps that rely on patriotism and use get-rich-quick messaging to lure users. It also highlighted the risks of

Multinational banking giant Standard Chartered has begun offering exchange services for the digital yuan, helping to integrate China’s CBDC into the global financial system. Standard Chartered, a major multinational bank, has recently entered the growing realm of digital currencies by providing exchange services for China’s central bank digital currency (CBDC), the digital yuan. This strategic move aligns the bank with the evolving landscape of global finance, particularly in embracing a state-backed digital currency. Collaborating with City Bank Clearing Services, Standard Chartered’s chinese division is facilitating access to the digital yuan’s interconnection platform. This service encompasses both the recharge and redemption functions, enhancing customer interaction with this novel digital currency. You might also like: Standard Chartered predicts Bitcoin’s future value China’s digital yuan, also known as e-CNY, has been a front-runner in the sphere of CBDCs, espec