China

Western central banks trying to develop sovereign cryptocurrency models face pushback from lawmakers and other obstacles, while the digital yuan has a much clearer path.

Government digital currency projects have the potential to displace banks and fintechs from the payment process. But three major participants — Accenture, Ant Group and Swift — argue that incumbents have a role to play.

The Federal Reserve and other central banks deciding whether to compete with private cryptocurrencies should heed the financial stability risks, such as expanding the economic power of governments and altering longstanding payments models.

The card brand has built a sizable business after receiving approval to operate in China eight months ago.

The Federal Reserve and other central banks deciding whether to compete with private cryptocurrencies should heed the financial stability risks, such as expanding the economic power of governments and altering longstanding payments models.

The New York-based Citigroup is pushing ahead to set up new investment banking and trading operations in China after announcing it would be exiting retail banking in the world’s second-largest economy.

The State Department has added 14 Chinese lawmakers, including a member of the Communist Party’s ruling Politburo, to a blacklist under the Hong Kong Autonomy Act. Banks face sanctions if they do business with them.

The retailer combines WeChat, digital checkout and coupons to reach a wider market, says Azoya's Franklin Chu.

Twelve banks joined the Tencent financing deal, which initially had a $6 billion size.

Kate Fitzgerald, senior editor at PaymentsSource, talks to Eric Grover, principal at Intrepid Ventures, about the political activities that hinder the expansion of payment systems.