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DBS Bank launches digital yuan transaction tool

DBS bank is introducing new solutions for its customers in mainland China related to the digital yuan, also known as e-CNY.

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DBS bank is introducing new solutions for its customers in mainland China related to the digital yuan, also known as e-CNY.

DBS Bank China officially announced on July 5 the launch of the e-CNY merchant solution, allowing mainland businesses to receive payments in the central bank digital currency.

DBS stated that the new service will allow DBS’ clients in mainland China receive or collect the e-CNY and have it automatically settled into their CNY bank deposit accounts. The company refers to this service as a merchant collection solution rather than a payment solution, as the merchant collects the final amount in CNY in their bank deposit account.

DBS solution is designed to enable a number of benefits, allowing businesses to collect CBDC without having to go through manual settlement processes, the announcement notes. The tool also features e-CNY’s capabilities allowing users to receive payments in underserved regions with limited internet connectivity.

Additionally, the solution provides reconciliation through consolidated merchant reports with itemized e-CNY transactions available via DBS’ digital platform for business banking.

According to DBS Bank China CEO Ginger Cheng, the company has completed the first e-CNY transaction involving a catering company in Shenzhen. 

Since launching the CBDC in 2019, China has significantly progressed in promoting and expanding the digital yuan. According to the country’s central bank, there were 13.6 billion e-CNY in circulation, or about $2 billion by the end of 2022. The CBDC is currently accepted across 26 cities and 17 provinces in China, with adoption expected to scale further as the program gradually expands to more regions.

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7-Eleven South Korea to accept CBDC payments in national pilot program

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7-Eleven is set to participate in the testing phase of a central bank digital currency (CBDC) initiative, running from April to June. The retail giant’s involvement highlights the growing push for digital currency integration in everyday transactions.

The pilot program will assess the feasibility of CBDC payments at 7-Eleven stores, allowing customers to make purchases using the digital currency. The initiative is part of a broader effort to explore the real-world application of CBDCs in retail environments, potentially shaping future payment systems.

As central banks worldwide accelerate their digital currency research, private sector collaboration is seen as crucial for widespread adoption. If successful, 7-Eleven’s participation could pave the way for broader CBDC usage across retail and commercial sectors.

The outcome of the testing phase will provide valuable insights into consumer adoption, transaction efficiency, and potential regulatory considerations, influencing how CBDCs are integrated into mainstream financial systems.

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SEC and Gemini ask to pause lawsuit to explore ‘potential resolution’

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The U.S. Securities and Exchange Commission (SEC) and crypto exchange Gemini have agreed to pause legal proceedings as both sides explore a potential resolution to their ongoing lawsuit. The move signals a possible settlement in the high-profile case, which centers around Gemini’s now-defunct Earn program.

The SEC initially sued Gemini, alleging that the Earn program—designed to offer users yield on crypto deposits—operated as an unregistered securities offering. Gemini has pushed back against the claims, arguing that its operations complied with regulatory standards.

By pausing litigation, both parties may be looking for a compromise that could set a precedent for crypto lending products in the U.S. A settlement could also provide regulatory clarity for similar platforms navigating SEC scrutiny.

While the outcome remains uncertain, the crypto industry is closely watching the case, as its resolution could impact future enforcement actions and the broader regulatory approach toward digital asset lending services.

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GameStop finishes $1.5B raise to add Bitcoin to its balance sheet

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GameStop has successfully completed a debt offering, raising capital that may be used to acquire Bitcoin, signaling the company’s deeper foray into digital assets. The move aligns with its broader strategy to diversify beyond traditional retail operations and into emerging financial technologies.

While GameStop has not confirmed the exact allocation of the funds, market speculation suggests that a portion could be used to buy Bitcoin, following in the footsteps of companies like MicroStrategy. The potential investment would reinforce GameStop’s ongoing pivot toward blockchain and digital assets, an effort that began with its NFT marketplace and crypto-related initiatives.

Analysts see this development as part of a growing trend of corporations exploring Bitcoin as a reserve asset amid concerns over inflation and monetary policy. If GameStop proceeds with the acquisition, it could further validate Bitcoin’s role as a strategic investment for publicly traded companies.

The company’s board will ultimately decide how the newly raised capital is deployed. Investors and the broader crypto market are watching closely for any official announcements regarding GameStop’s Bitcoin strategy.

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