Mahi Sall, Advisor, Fintech-Bank Partnerships, Payments and Financial Inclusivity
January 25th, 2023
Mahi Sall is the CEO & Founder of FinXpair, a Berlin-based strategic advisory boutique firm focu[...]
News on China cryptocurrency and more reforms
Schulte Research | Paul Shulte | Aug 21, 2019
China is barreling forward on reforms and rolling out the crypto currency. It will be the first central bank to do so. This will give added momentum to Libra.
Libra could become a new anchor market for global IPOs. Take this seriously. Join if you can. I’m pretty sure I’m right that it has backing from the very top of the US govt.
1. Cryptocurrency — The China coin is due to be rolled out in November. I hear that the distribution of the coin will be limited to 7 players:
- The big banks: CCB, ICBC, BOC, ABC.
- Alibaba and Tencent. Positive momentum,,,
- Union Pay. Interesting — to keep this alive.
All others will be secondary. The PBOC head did on SUnday make an explicit reference to Libra. As I suspected, China rightly sees Libra as a challenge to China’s early commanding lead in e commerce and payments in all of Asia and through the Silk Road. It clearly is. Interestingly, HSBC and Stan Chart are cut out. No foreign banks in the consortium. No foreign firms in Libra (except, weirdly, Mercato Libra from Arge).
2. China yesterday doubled the size of the free trade zone in Shanghai and has allowed partial capital account convertibility in Shanghai. This is big and a challenge to HK. It will also drop duties in Shanghai.
3. ALibaba has cancelled the secondary listing in HK until further notice due to the instability. Big negative for HK.
4. Singapore has suspended all university exchange programs between Singapore and Hong Kong for this year due to the instability. SO, people are stuck in Singapore to finish programs.
Check out Paul Schulte's new book: AI & Quantum Computing for Finance & Insurance: PRC VS US. https://www.worldscientific.com/worldscibooks/10.1142/11371
Related:
China’s digital fiat currency is ‘nearly ready’ for launch: PBOC official
Central banks should consider using digital currencies: China think tank
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