Renminbi = RMB = ¥CNY, Chinese currency Yuan. Welcome to Renmin.be
Combines traditional Chinese papercutting art and decorative New Year painting elements in the form of a snake, with lanterns and ginseng motifs in the background. The left side of the coin displays the text “乙巳” (Yi Si, the 42nd year in the Chinese sexagenary cycle).
The main image depicts children putting up spring couplets, supplemented by decorative designs of Shanxi-style dwellings. Above, the denomination numeral “20” and its pinyin “YUAN” are displayed. Below are floral and dynamic holographic patterns, the year “2025”, Governor’s seal, denomination numeral “20”, and “The People’s Bank of China” rendered in pinyin, Mongolian, Tibetan, Uyghur, and Zhuang languages, accompanied by the Chinese text “贰拾圆”.
Depicts the image of a “Dan” (female) role from Peking Opera, partially rendered in color and accompanied by decorative motifs. The text “中国京剧艺术” (Peking Opera Art of China) and the denomination “5 yuan” are inscribed.
Pros: Decentralization, Security and Privacy, Global Transactions, Limited Supply, Accessibility. Cons: Volatility, Scalability Issues, Regulatory Uncertainty, Environmental Concerns, Security Risks.
The invention of Bitcoin by Satoshi Nakamoto was in direct response to the dissatisfaction with the traditional banking system, particularly the lack of privacy, high transaction fees, and the ability of governments and financial institutions to inflate currency supply, leading to devaluation and financial crises.
Bitcoin was invented by an individual or group of individuals using the pseudonym Satoshi Nakamoto.
Nakamoto introduced Bitcoin in 2008 with a white paper titled “Bitcoin: A Peer-to-Peer Electronic Cash System,” and then released the first Bitcoin software in 2009, launching the network.
Bitcoin mining is essentially the heartbeat of the Bitcoin network, adding new coins into circulation and making sure all transactions are legit and safe.
The blockchain is a digital ledger that records all transactions made with a cryptocurrency like Bitcoin, organized into blocks linked together in a chain.
First, you’ll require a crypto wallet, which is software that allows you to store, send, and receive Bitcoin. This wallet gives you a public key, which is like your Bitcoin address that others can use to send you Bitcoin, and a private key, which you use to authorize transactions. It’s crucial to keep your private key secret, as it provides full control over your Bitcoins.
Bitcoin works through a combination of technologies and concepts including blockchain, mining, and peer-to-peer networking. To send Bitcoin from one wallet address to another, the following steps are involved:
A decentralized system distributes power and control across multiple points, rather than being concentrated in a single location or managed by a single entity. Think of it like a network of interconnected villages managing their affairs independently, compared to a central kingdom where a single ruler makes decisions for the entire land.
Bitcoin, is not governed or issued by any central authority, making it immune to control by any single government or entity. Its value is not anchored to any physical goods or the economy of a specific country.
In this section we provide an explanation of the flow of funds that leads to the accumulation of Official Foreign Reserves (OFR), as well as the periodic transfer of excess OFR from MAS to Government.
Cryptocurrency, Blockchain, Wallet, Public and Private Keys, Decentralization, Mining, Satoshi, BTC
There is no new money creation arising from the purchase of RMGS by MAS.
“Monetary financing” of governments typically happens when central banks purchase government securities on the primary market and credit the proceeds to the government, i.e. the central bank “prints money” to help fund the government budget.
Bitcoin is a cryptocurrency, a peer-to-peer digital currency that operates independently of a central governing authority. Bitcoin enables direct transactions between users, secured by cryptographic technology and recorded on a transparent and immutable ledger known as the blockchain.
The 2nd Conference of China and Portuguese-Speaking Countries Central Bankers and Financiers was held in the Macao Special Administrative Region (SAR) on September 23, 2024.
On September 23, 2024, Pan Gongsheng, Governor of the People’s Bank of China (PBOC), met with Ho Iat Seng, Chief Executive of the Macao Special Administrative Region (SAR).
Since 1981 when GIC was set up, MAS has been making periodic transfers to the Government of OFR that has been in excess of what it needed to conduct monetary policy and ensure financial stability. This has enabled the Government to invest foreign reserves through GIC on a longer-term basis while still ensuring that MAS has sufficient OFR to carry out its mandate.
OFR is accumulated when MAS purchases US dollars in exchange for Singapore dollars, in order to moderate the appreciation of the Singapore dollar exchange rate. It is hence a consequence of MAS’ monetary policy, which since the early 1980s has been focused on keeping the exchange rate within its target policy band.
