The electronic Chinese yuan is now being tested in cities such as Shenzhen, Shanghai and Beijing. No other major power is as far along with a homegrown digital currency. From a report: Annabelle Huang recently won a government lottery to try China’s latest economics experiment: a national digital currency. After joining the lottery through the social media app WeChat, Ms. Huang,…
Tag: wechat
China Plans Online Payment Rules That May Hit Ant, Tencent
hackingbear writes: People’s Bank of China, the country’s central bank, said on Wednesday that any non-bank payment company with half of the market in online transactions or two entities with a combined two-thirds share could be subject to antitrust probes, potentially dealing another blow to financial technology giant Ant Group Co. and its biggest rival Tencent Holdings Ltd. Ant’s Alipay accounts…
SoftBank-Backed WhatsApp Rival Hike Goes Off the Air in India
Hike, the messaging app backed by SoftBank Group that aimed to compete against WhatsApp in the world’s second-most populous country, shut down and vanished from app stores Monday. From a report: The startup valued at $1.4 billion in a 2016 funding round announced its app was going off the air earlier this month without explanation. The app started by billionaire-family scion…
US Bans WeChat Pay, Alipay and Six More Chinese Payment Apps
The Trump administration says that Chinese payment apps, including WeChat Pay, are a threat to national security. By Executive Order, all US transactions with these apps must cease within 45 days. AppleInsider reports: President Trump has issued an Executive Order banning US transactions with a range of Chinese payment platform apps from February 18, 2021. The order says this “aggressive action”…
Crypto’s Big Rupture Is Coming In 2021
An anonymous reader shares an opinion piece from CoinDesk, written by Ryan Zurrer. Zurrer is founder of Dialectic AG, an alternative-assets focused multi-family office. Previously, he was a Director at the Web3 Foundation and led the investment team at Polychain Capital, pioneering the SAFT as a legitimate investment instrument. From the report: Crypto is set to bifurcate and we will begin…
‘Don’t Even Try Paying With Cash in China’
“It’s hard for those of us who live outside of China to grasp how paying for everything has gone digital in the country,” writes the New York Times, introducing a Q&A with technology reporter Ray Zhong (who used to live in Beijing): Most businesses there, from the fanciest hotels to roadside fruit stands, display a QR code — a type of…
Apple Removes Two RSS Feed Readers From China App Store To Please China’s Censors
Two RSS reader apps, Reeder and Fiery Feeds, said this week that their iOS apps have been removed in China over content that deemed “illegal” by the local cyber watchdog. TechCrunch reports: Apps get banned in China for all sorts of reasons. Feed readers of RSS, or Real Simple Syndication, are particularly troubling to the authority because they fetch content from…
Justice Department Asks Judge To Allow US To Bar WeChat From US App Stores
The U.S. Justice Department asked a federal judge in San Francisco early on Friday to allow the government to bar Apple and Google from offering WeChat for download in U.S. app stores pending an appeal. From a report: The filing asked U.S. Magistrate Judge Laurel Beeler to put on hold her preliminary injunction issued Saturday. That injunction blocked the U.S. Commerce…
Chinese Leaders Split Over Releasing Blacklist of US Companies
Beijing has sped up development of a blacklist that could be used to punish American technology firms, but officials say leaders are hesitating to pull the trigger, with some arguing a decision on the list should wait till after the U.S. election. From a report: The debate highlights Beijing’s continued grappling with how to respond to the Trump administration without driving…
US Judge Blocks Attempt to Ban WeChat
“The popular Chinese messaging and payments app WeChat looks like it might still be available in the U.S. beyond Sunday night, after all,” reports the Street: U.S. Magistrate Judge Laurel Beeler of San Francisco stopped the Trump administration from forcing Apple and Alphabet to take the Tencent Holdings’ messaging app offline for downloading by late Sunday, according to a report from…