Banking

China Trials Digital Yuan ATMs in Shenzhen

  • Citizens of Shenzhen can now use the newly released CBDC ATMs to convert their cash and savings to and from the digital yuan.
  • The new CBDC trial comes shortly after the city of Shenzhen announced its second CBDC lottery, which distributed around $3 million worth of the digital currency to 100,000 citizens.

HDBank First to Issue Blockchain Letters of Credit in Vietnam

  • HDBank is one of the few Vietnamese banks that can offer confirmation for L/Cs, and is the first to issue a L/C on the blockchain.
  • The bank joined the Contour open trade finance network, which focuses on digitizing the L/C process, back in May 2020.

Telos Launches NFTs That Act Like U.S. Treasury Bonds

  • Blockchain platform Telos has announced the launch of T-Bond NFTs.
  • The product will allow projects to issue coins that are locked in NFTs until maturity.

Shenzhen Conducting Digital Yuan Giveaway, Again

  • Winners in the lottery will have until 17 January to spend their digital yuan's at one of the 10,000 restaurants and supermarkets participating in the trial.
  • The last digital yuan giveaway, in December, saw the city of Suzhou distribute almost $3 million to 96,614 lottery winners.

Ava Labs Brings Litigation Financing to its Blockchain

  • The Initial Litigation Offering (ILO) will allow investors to cover the costs of a claim in return for a portion of the payout.
  • The first ILO, expected to launch in Q1 2021, will be connected to the destruction of 500 acres of "legally grown hemp farms", estimated to be worth at least $1 billion.

Sweden Looking Into Potential Transition to CBDC

  • The review of the potential transition to a digital currency is expected to last until November 2022.
  • A recent report by the country's central bank has shown that Swedish citizens have continued moving away from cash.

Deutsche Bank Urges Europe To Accelerate CBDC Development

  • In a new report, the research arm of the bank stated that the recent COVID-19 outbreak only accelerated the adoption of digital currencies around the world.
  • It has also urged Europe to accelerate its CBDC development efforts, otherwise there is a risk companies will adopt other digital currencies, such as China's digital yuan.

China Construction Bank To Issue $3 Billion In Bonds On Blockchain

  • Blockchain will make stocks and bonds more accessible to retail investors by lowering costs associated with this type of investment.
  • Certificates will yield around 0.75% at maturity, which is much higher than the average 0.25% interest rate.

Lebanon To Launch CBDC In 2021

  • The governor of Lebanon's central bank has said that a CBDC can help the country move to a "cashless system", stimulating the flow of money both locally and abroad.
  • The bank is hoping that the new CBDC will help restore confidence in Lebanon's shaky banking sector.

Banco Santander Reveals Blockchain Identity Project

  • The group of 10 Spanish companies known as Dalion, including Santander, has already completed the proof-of-concept trial of its new ID solution.
  • The group expects to complete phase 2 of the development in the next six months, and have the solution ready for a live production environment by May 2021.