China News by Thebittimes.Com

The Australian Central Bank, in collaboration with the Digital Finance Cooperative Research Centre, has published a comprehensive report outlining the potential use cases for Central Bank Digital Currencies (CBDCs). Additionally, they have successfully concluded a pilot program aimed at studying its practical applications. 16 entities that participated in the pilot program added that CBDC could be beneficial for innovation and even boost Australia’s economy. You might also like: Australia’s central bank is neutral on CBDC The report identified four key areas where the Australian digital dollar could make a positive impact. These included asset tokenization and facilitating complex payments. The bank, along with the Digital Finance Cooperative Research Centre, suggested that implementing the CBDC could drive financial innovation across sectors like debt securities and private digital money markets. It also highlighted key Features of the CBDC, such as direct contr...

A sixth Chinese national has been arrested in Sydney following their alleged role in an Australia -based crypto scam that was able to extract over $100 million from American victims through the manipulation of crypto and forex exchanges.  The 34-year-old Chinese national living in Sydney is alleged to have used both bank and crypto accounts to facilitate cash deposits in an attempt to launder the crypto scam funds.  The US Secret Service tipped off Australian Federal Police (AFP) about the crypto scam and its links to Australia in August 2022. Soon after, Australia’s cybercrime department discovered that a criminal syndicate was relying predominantly on Chinese students living in Australia to prop up the scam. The scam itself involved the use of “a sophisticated mix” of dating sites, employment sites, and messaging platforms to bait victims into investing in fraudulent and legitimate crypto and forex trading sites. Victims were shown false positive returns on investments, lulli...