According to an official announcement on Wednesday, the Beijing subway has launched a program that allows passengers to access 24 subway lines and 4 railway stations using the digital yuan (e-CNY). The news comes as China continues to expand the scope and utility of its central bank digital currency (CBDC).

Investment services firm, NYDIG, has struck a deal with enterprise payments company, NCR Corporation, that will enable 650 U.S. banks and credit unions to offer bitcoin purchases to their estimated 24 million customers. 

Democratic Representative and co-chair of the House blockchain caucus, Bill Foster, has called for a regulatory framework to be put in place that would enable third parties to reverse fraudulent or criminal blockchain transactions, as well as identify digital-asset holders.

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Top stories in the Crypto Roundup today:

• The Beijing Subway now Allows Passengers to Pay Using Digital Yuan
• NYDIG’s Latest Deal Enables 650 U.S. Banks To Offer BTC Purchases
• Bill Foster Calls for Regulations to Identify Wallet Holders and Reverse Crypto Transactions
• Sponsored: Crypto Trading With AI Bots by BCUBE

The Beijing Subway now Allows Passengers to pay Using Digital Yuan

According to an official announcement on Wednesday, the Beijing subway has launched a program that allows passengers to access 24 subway lines and 4 railway stations using the digital yuan (e-CNY). The news comes as China continues to expand the scope and utility of its central bank digital currency (CBDC).

The new offering is only available to customers who bank with the Industrial and Commercial Bank of China - a major bank involved in many of China’s prior CBDC tests. A spokesperson from the Beijing rail transit network has reportedly stated that  “You need to download a mobile app that is linked with your bank account to access the service.”

Suzhou, a city in East China’s Jiangsu province, also launched a similar service last Tuesday. According to a report by Sina Finance, Suzhou was the first city in China to start accepting e-CNY payments for subway rides.

NYDIG’s latest deal with NCR Corporation Enables 650 U.S. Banks To Offer BTC Purchases

Investment services firm, NYDIG, has struck a deal with enterprise payments company, NCR Corporation, that will enable 650 U.S. banks and credit unions to offer bitcoin purchases to their estimated 24 million customers. 

The institutions that are involved in the offering do not have to hold any bitcoin for their customers. Instead, they can use NYDIG’s custody services to provide their customers with exposure to the cryptocurrency. NYDIG will reportedly charge for cryptocurrency transaction fees as well as provide additional investment services.

This news follows NYDIG’s announcement of several business deals over the past few weeks as they look for alternative ways to provide and enable traditional financial institutions with access to cryptocurrency. 

Patrick Sells, head of bank solutions at NYDIG, told The Block earlier this week that “the breadth of these partnerships shows both the speed and scale with which the banking industry is changing and the ubiquity and ease of access to Bitcoin that we are driving with our partners."

Bill Foster Calls for Regulations to Identify Wallet Holders and Reverse Crypto Transactions

Democratic Representative and co-chair of the House blockchain caucus, Bill Foster, has called for a regulatory framework to be put in place that would enable third parties to reverse fraudulent or criminal blockchain transactions, as well as identify digital-asset holders.

Many in the cryptocurrency ecosystem have long been seeking “regulatory clarity” from Congress detailing how it plans to tax and regulate the increasingly popular digital assets. 

Foster argued that tools are necessary for the government, as well as American businesses to protect themselves from ransomware attacks. In Foster’s eyes, the new laws should require that, in certain scenarios, a third party could learn the real-world identity of a cryptocurrency user through a “very heavily guarded key.”

“I’ve just said about three things there that will drive the crypto purists berserk, like the trusted third party and so on. But in fact, there’s not a technological alternative that I’m aware of,” Foster said. “For most people if they’re going to have a big part of their net worth tied up in crypto assets, they’re going to want to have that security blanket of a trusted third party that can solve the problem.”

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