Web3 Diaries-Tencent Joins CBDC Pilot
China’s Tencent, the operator of the WeChat and WeChat Pay platforms, will join central bank-led digital yuan and CBDC interoperability pilots.
WeChatPay, along with its rival Alipay, has cornered some 15% of the Chinese payments market.
But in recent years, Tencent has moved to align with the People’s Bank of China (PBoC)’s CBDC adoption drive.
Per JRJ, via Stockstar, Tencent will work alongside the PBoC’s Digital Currency Research Institute on the “multilateral central bank digital currency bridge project,” also known as Project mBridge.
CBDC frameworks must guard user privacy, monetary freedom — BIS chief
Legal frameworks ensuring user privacy and the freedom to choose between central bank digital currencies (CBDCs) and other forms of money will be key in driving CBDC adoption, according to the head of the Bank of International Settlements.
Speaking at the BIS Innovation Hub conference in Switzerland on Sept. 27, BIS general manager Agustín Carstens stressed that legal frameworks remain a key consideration in the development and proliferation of CBDCs around the world.
“According to an IMF [International Monetary Fund] paper published in 2021, close to 80% of central banks are either not allowed to issue a digital currency under their existing laws, or the legal framework is unclear.”)
Binance to Paysafe Users: Convert EUR Balances to USDT by End of October
Binance has asked Paysafe users to convert their euro balances to USDT by the end of October as the payments provider has stopped processing euro deposits for the exchange’s users.
In a Thursday announcement, Binance said Paysafe has “unilaterally decided to stop processing EUR deposits for Binance users,” advising users to convert their euro balances to USDT.
The exchange also noted that users may continue to withdraw their euro balances from Binance accounts to their bank accounts.
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