Features Crypto News by Thebittimes.Com

Join Our Telegram channel to stay up to date on breaking news coverage Myanmar’s economy has been crippled since the February 1, 2021 coup. The World Bank predicted that it would contract by 18% per year. As a result, the Myanmar kyat has lost 60% of its value as of September 2021. This is an all-time low: on September 17, 2021, the black market value of Myanmar kyats (MMK) to US dollars (USD) was 2200, down from 1330 before the coup. These facts demonstrate the public’s mistrust of the military-led State Administration Council (SAC). People’s reliance on banking systems and the entire financial mechanism has been reduced. It pushes Myanmarese people to use cryptocurrencies as an alternative currency. Both the SAC and the shadow National Unity Government (NUG) acknowledged this requirement with their respective mandates: the former to use digital currency to heal the crippled economy and avoid sanctions, and the latter to separate the existing currency from th...

Spending with China’s state-issued digital currency has surpassed 100 billion yuan, close to $14 billion, by the end of August, the country’s monetary authority revealed. More than 5 million merchants now accept the digital yuan in 15 Chinese regions as Beijing continues to expand the pilot areas. People’s Bank of China Reports 360 Million Digital Currency Payments Transactions with China’s central bank digital currency (CBDC) exceeded 100 billion yuan in value ($13.9 billion) as of Aug. 31, 2022, rising from almost 88 billion yuan by the end of 2021, the People’s Bank of China (PBOC) announced on Wednesday. The spending involved 360 million transactions, according to a Reuters report quoting the monetary policy regulator. The data has been released as financial authorities in the world’s most populous nation proceed with the digital yuan (e-CNY) roll-out and constantly increase the coverage of its trials. The CBDC has been introduced in 15 provinces and municipalities, with 5. 6...