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A similar report from another Chinese court earlier in September recognized cryptocurrencies as virtual properties protected by law.

The project now includes central and commercial banks from China, Hong Kong, Thailand and the UAE. Future new members were not identified.

The Civil Aviation Administration and China Merchants Bank said passengers will be able to utilize the digital currency to access new services via this platform.

While the adoption and use cases of China’s e-CNY are expanding, the digital yuan still only represents 0.16 of China’s monetary supply.

The former CFTC chair argues that AML and KYC measures are outdated and constitutionally questionable and said crypto technology can do better.

Hainan‘s market regulator wants to promote NFTs as part of the digital economy, but will actively work to weed out bad actors and speculative behavior.

China‘s central bank digital currency (CBDC) has seen new use cases in recent days, including buying securities and making offline payments.

A former China central banker said cumulative e-CNY transactions only crossed $14 billion in two years, adding the results were “not ideal.”