Category: Read
-
A Liberal, a Banker of the Year
Who secures the Aaa of EIB. Liberals are not exactly popular among bankers, as they stand for competition and a market economy, where many bankers want state protection and privileges. This makes the award for Dr. Werner Hoyer, President of the European Investment Bank (EIB) as Banker of the Year, particularly noteworthy. The laudation from…
-
Management Board of the Auditing Association of German Banks Changing
Former colleague of the later Greensill Bank Supervisory board member has left The Federal Association of German Banks (BdB) is drawing initial conclusions from the Greensill Bank‘s 3 billion euro compensation case. As the organization confirmed on request of the Börsen-Zeitung, it will analyze the structure of its auditing association and its staff with the…
-
Investment Grade Møller Mobility
Møller Mobility thrives in symbiosis with Volkswagen. Nordic Credit Rating (NCR) assigned a ‘BBB-‘ (that reads triple B minus) long-term issuer rating to Norway-based car importer and retailer Møller Mobility Group AS (Møller Mobility). The rating agency’s outlook for this credit rating is stable. At the same time NCR assigned an ‘N-1+’ (that reads N…
-
After S&P Global, also Moody’s on Fortune 500
The two leading rating agencies in the world are among the 500 largest companies in the USA. Anyone who thinks the rating agencies industry is a marginal issue should study the Fortune 500 list. Moody’s Corporation has been named to the Fortune 500 for the first time, reflecting the strength and momentum of its strategy…
-
Some City Councilors Reproach the Use of Scope Ratings Instead of S&P’s and Moody’s
In the city parliament of Giessen, the processing of the affair about the threatened loss of financial investments at the Greensill Bank has begun.
-
The Role of Ratings in Greenwashing
Austria’s Financial Market Authority (FMA) warns consumers against “greenwashing” in the new edition of their consumer information series “Let’s talk about money”. “Greenwashing” means that a financial product is advertised as environmentally friendly, green or sustainable – i.e. colored green – even though it does not actually meet these standards. In this way, potential investors…
-
The Losers of the Globalization Years
Five Worst-Performing Countries This blog article is based on “Country Risk – The Bane of Foreign Investors” (Springer, 2020) by Norbert Gaillard. I focus here on the countries whose reputation declined significantly during the globalization years. Table 1 lists the five economies whose country risk ratings fell the most dramatically during 1988–2013, as measured by…
-
Scope’s Greensill Bank Rating Tragedy
The Federal Financial Supervisory Authority (BaFin) filed criminal charges Against The Bank’s Board Members. The Federal Financial Supervisory Authority (BaFin) in Germany received monthly reports from Greensill Bank AG (Greensill Bank) about the bank’s balance sheet data from January 2019 on. This is evident from the answer given by Parliamentary State Secretary Sarah Ryglewski on…
-
IOD NIGERIA – AFRIKAIROS WORKSHOP
STAKEHOLDERS’ WORKSHOP ON OPERATIONALIZING SUSTAINABILITY & CIRCULAR ECONOMY: MEASURING, MONITORING, REPORTING, IMPACT INVESTING, ESG RATINGS. A sustainability report provides information on an organization’s health, including economic, environmental, and social performance against set guidelines or an established framework. Over the past few decades, business performance is increasingly being approached from a multi-dimensional perspective. This is because…
-
Rating Technology
Rating technology is the collection of techniques, skills, methods, and processes used in the production of rating services or in the accomplishment of rating objectives. Rating technology comprises the knowledge of techniques, processes, and the like, and can be embedded in computers to allow for operation without detailed knowledge of their workings, for example in…
-
The Dynamics of Free Trade and FDI during the Globalization Era
Multilateralism waned, but the process of trade liberalization continued. This blog article is a short excerpt from Country Risk – The Bane of Foreign Investors (Springer, 2020) by Norbert Gaillard. International trade went through unexpected and paradoxical changes during the globalization era (1991–2016). Multilateralism waned, but the process of trade liberalization continued. For instance, the…
-
Witnesses and Whistle Blowers
Whistleblowers and witnesses could be identified in the following positions:
-
RAG-Stiftung Must Have Known
Scope Group is not at all related to the transformation of the regions along the Ruhr and Saar Rivers and in Ibbenbüren.
-
Once Advantages for Scope Shareholders, Now Disadvantages for German Banks
In Germany, the Greensill Bank is likely to be one of the most expensive cases ever.
-
Do Not Confuse Moody’s with Scope Ratings
A bond fund rating is not a bank issuer rating.
-
Scope of a New Ponzi Scheme
Beware of the deceptive spiral of success of a new Ponzi scheme.
-
Taxpayers Ultimately Become Victims of Scope Ratings
The Berlin rating agency Scope has top politicians on board who are already drawing high pensions. These politicians now indirectly cost the taxpayer even more.
-
Requirements Relating to Press Releases or Reports
The text of publications must meet strict requirements. The European Securities and Markets Authority considers that a credit rating or rating outlook should be accompanied by a press release or report. The press release or report should explain the key elements underlying the credit rating or rating outlook. At least the following elements should be…
-
Questionable Top of the Scope Pyramid
More details are becoming known about the recent bank and corporate failures in Germany.
-
Rating Forest Investments
Understanding the importance of sustainability has popularized an asset class that used to be reserved for the state, churches and nobles. Forest – to be precise its wood – has always served people as fuel, product and building material. Forest has now become the epitome of sustainable investments. The idea of sustainability emerged in a…
-
FFP2 Masks Tested
The rating of the ffp2 masks by Stiftung Warentest needs repair. Stiftung Warentest is a foundation established in 1964 by the German federal parliament with the aim of helping consumers by providing impartial and objective information based on the results of comparative investigations of goods and services. The organization buys products anonymously from retailers, and…
-
Iffy Rating of Claims Against the Auditing Company EY
Due to possible conflicts of interest, the work of rating agencies and that of auditing firms are strictly separated.
-
Resistance of the Gallic Village
France and Germany are still a long way from having an efficient social credit system. One of the many prerequisites for a functioning social credit system is the abolition of cash, because only electronic money would allow the state to exercise complete control over all transactions of the citizens. But this control is in turn…
-
Light Masks for Easier Breathing
Masks are also an issue for psychologists. Who would have thought in 2019 that face masks could one day become an issue for risk managers? The far-reaching consequences give reason to be precisely informed about the use of face masks. The protective effect of the FFP2 mask is only guaranteed if it is worn continuously…
-
The IC Rating™ Model by Intellectual Capital Sweden
Intellectual Capital comprises all factors critical to an organization’s future success that are not shown in the traditional balance sheet. If you are looking for a rating approach to intellectual capital (IC) that fits that definition, this article is still the right read for you: The IC Rating™ model by Intellectual Capital Sweden Kristine Jacobsen,…
-
Countercyclical Capital Buffer in the Election Year
To avoid speculation about the state of banks and the economy in the election year, there are no more capital adjustments. Bank capital should be accumulated when cyclical systemic risk is judged to be increasing, creating buffers that increase the resilience of the banking sector during periods of stress when losses materialise. Since the decision…
-
GRENKE Informs About Fruits of BaFin’s Special Auditor
Based on an ad hoc announcement, Grenke AG called this morning for a media conference that was scheduled at short notice. Due to the severe crisis of the company and the still good ratings, the development is receiving special attention. The questions discussed included possible personnel changes on the Executive Board. The interviewed Antje Leminsky,…
-
APIs Allow Next Generation Financial Services
Application programming interfaces—or APIs—have already had a fundamental impact on the digital banking industry by creating grounds for an array of new financial products. According to Marius Galdikas, CEO at ConnectPay, APIs can help further improve financial services, as they create the opportunity to ensure coherent multi-channel services and introduce personalized experiences, fostering repeat usage.…
-
Who Used RATING.REPAIR in 2020?
Map of RATING©REPAIR users in 2020 We do not know whether it is mere curiosity, serves scientific research or is of commercial use; in any case, we are repeatedly asked who the users of our service RATING©REPAIR are. We are therefore providing an overview of the user structure in 2020. We only receive this information…
-
Whistleblowing Is Getting Popular
Whistleblowers, i.e. mostly anonymous tipsters who report irregularities to supervised companies, dubious providers or market practices, have developed into an important source of information for the Austrian Financial Market Authority (FMA). In 2020, 278 reports were submitted via the whistleblower platform on the FMA website, a new record since the system was introduced in 2014,…
-
Morningstar Seeks to Uphold Analytical Independence of Credit Ratings in Response to SEC Complaint
https://newsroom.morningstar.com/newsroom/news-archive/press-release-details/2021/Morningstar-Seeks-to-Uphold-Analytical-Independence-of-Credit-Ratings-in-Response-to-SEC-Complaint/default.aspx
-
Concerns About the Impact of COVID-19 on Credit Ratings
The board of the International Organization of Securities Commissions (IOSCO) published the Final Report “Observed Impact of COVID-19 Government Support Measures on Credit Ratings“. IOSCO is the global standard setter for securities markets regulation. The pandemic’s economic and market turmoil led to many credit ratings downgrades and has put credit rating agencies (CRAs) and their…
-
Online Brokerage of Mezzanine Capital for Real Estate Projects
Real estate investments are a bit like finding a life partner. The expectations of capital seekers and investors are often far apart – and the disappointment is great when you have to move on after a hopeful commitment without having achieved anything. Along with the importance of mezzanine capital, there is also a growing desire…
-
Moody’s Corporation Reports Results for Fourth Quarter and Full Year 2020 with Bright Outlook for Full Year 2021
https://ir.moodys.com/news-and-financials/press-releases/press-release-details/2021/Moodys-Corporation-Reports-Results-for-Fourth-Quarter-and-Full-Year-2020-Sets-Outlook-for-Full-Year-2021/default.aspx
-
New Rating Approaches for Crypto Exchanges and Crypto Custodians
It was not just Tesla’s spectacular entry into the world of bullish cryptocurrencies that attracted the attention of investors to this young asset class. Thousands of crypto currencies are now part of a universe that ranges from outright fraud to serous applications. Keeping an overview here is hardly possible for individual private investors in particular…
-
The Threat of Hacktivists
Cyber risk is event risk, a risk that is growing across all sectors globally. Digitization continues to increase, making software more pervasive throughout an organization, which in turn drives ever more complex software supply chains while attacker capabilities are growing simultaneously. “However,” writes Moody’s in a research document, “the types of cyberattackers remain essentially the…
-
Calculating Aggregate Risk Weight for Private Banks
Calculation of the Aggregate Risk Weight for CRR Credit Institutions Assigned to the Compensation Scheme of German Private Banks The credit institutions under the Capital Requirements Regulation (CRR credit institutions) are obliged to secure their deposits in accordance with the German Deposit Guarantee Act by belonging to a deposit guarantee system. The following relates to…
-
Extended Lockdown Tensions the Spring for a Higher Jump in Sales at Vectron Systems
The listed Vectron Systems AG assumes that when the corona lockdown ends, strong demand for its products can be expected. This is especially against the background that so far only 30 to 40 percent of the target industry, catering, have converted their till systems in accordance with the new legal regulations. This is also indicated…
-
Federal Finance Minister’s Speculators
Issuers must be concerned about the damage to the image of the German financial center caused by the inadequate supervision of BaFIn by the Federal Ministry of Finance. As part of the federal administration, the Federal Financial Supervisory Authority (BaFin) in Germany is subject to the legal and technical supervision of the Federal Ministry of…
-
Grenke’s Supervisory Board Goes Into Detail
S&P’s Issuer Credit Rating of Grenke AG Rating Type Rating Last Review Date Credit Watch/ Outlook Credit Watch/ Outlook Date Local Currency LT BBB+ 10-Dec-2020 Negative 10-Dec-2020 Local Currency ST A-2 10-Dec-2020 NM 10-Dec-2020 Foreign Currency LT BBB+ 10-Dec-2020 Negative 10-Dec-2020 Foreign Currency ST A-2 10-Dec-2020 NM 10-Dec-2020 “We have heard your call for more…
-
Religious Affiliation and Politics
Religious ties are a major cause of conflict. For example, while the leadership in the People’s Republic of China has hardly any institutional ties to religions, almost all presidents in the USA are religious. This results in conflicts of interest that can have different meanings depending on the religious affiliation. A look at past presidents’…
-
Equifax Acquires AccountScoreC
Facilitated by the acquisition of AccountScore, Equifax enhances its consumer and commercial product offerings, combining traditional credit bureau information held by Equifax with bank transaction data. Regulatory approval for the acquisition has been received from the United Kingdom’s Financial Conduct Authority (FCA). Integration of these new data assets will enable Equifax clients to benefit from…
-
German Communities Demand Good Social Credit Rating When Buying Land
The allocation guideline for the allocation of community-owned building plots in the development plan area “South of Adolf-Reichwein-Strasse” in the Rodenbach community provides an example of applied social credit rating in Germany. As part of the reallocation process, the municipality of Rodenbach acquires areas to implement the objectives pursued with the land-use planning. The municipal…
-
Reach and Scope of Scope Ratings
Google Trends provides access to a largely unfiltered sample of actual search requests made to Google. It’s anonymized, because no one is personally identified. It is also categorized, i.e. determining the topic for a search query, and aggregated, i.e. grouped together. This way it displays interest in a particular topic from around the globe or…
-
Collection of Contributions by The Institutional Protection Scheme of EdB
A credit institution is an undertaking which conducts at least one of the banking businesses described in detail in section 1 (1) of the German Banking Act (Kreditwesengesetz) commercially or on a scale which requires commercially organised business operations. The banking businesses include the deposit business and credit business, but also specific securities-related activities such…
-
Berechtigungsscheine as an Emerging New Asset Class in Germany
Eligibility certificates (Berechtigungsscheine) are short of becoming a new asset class in Germany. Since January 2021, the Federal Government of the Federal Republic of Germany has been distributing authorization certificates intended for the purchase of goods with practically no prior notice. Within a few days, markets were created where the certificates of entitlement are now…
-
Financial Psychologist Recommends Inconspicuous Face masks
FFP2 masks are not just a question of operational risk and the operational risk rating of banks. “You are by far our dearest customers” – this or something similar can and could be read in some German shops, the reference to the required minimum distance. In view of the ongoing pandemic and slow vaccinations, the…
-
React Flexibly to Requirements With FFP2 Masks
Resilience in crisis situations and flexibility distinguish companies with good ratings. As a result of the COVID-19 pandemic, the core business of many industries continues to be severely affected. However, many medium-sized companies have reacted flexibly to the new conditions and adapted their production to the circumstances. An example for this is EPG Pausa GmbH…
-
Crime Detection and Prevention Through AI-based Rating
All eyes on MULTIEYE BOS Manager Artec technologies AG (ISIN DE0005209589) strategically develops its business with authorities and organizations with security tasks (BOS). It was not just the storming of the Capitol in the United States or the attempt at the Berlin Reichstag that showed that security authorities need to integrate the monitoring and evaluation…
-
Is The Notion of Efficiency Alien to Charity?
there are minimum requirements for recognized non-profit organizations. But can their efficiency and effectiveness also be rated? At effektiv-spenden.org Sebastian Schwiecker, founder and managing director of UES – Gemeinnützige Unternehmergesellschaft (haftungsbeschränkt) für effektives Spenden, tries to give very specific answers to the question of how you can achieve the greatest possible effect with your donation,…
-
China Emerges as a Winner From The Corona Year 2020
China is one of the very few economies that were able to record growth last year, writes DZ BANK in its “Macroeconomics – Economic Perspectives – Economics Weekly“. In the final quarter, the Chinese economy even returned to the growth path of pre-Corona times. After all, the country in which the pandemic originated can count…
-
Lack of Financial Education
“You do not talk about money.” This is a common saying in German. “You do not talk about money? But we should! ”- under this motto, Austria’s Financial Market Authority (FMA) is launching a new information format for consumers with immediate effect: “Let’s talk about money”. Exciting aspects from various basic finance topics shall be…
-
BaFin Corrects False Warning Against a Real Company and Warns Against Fake Business of a Doppelganger
Following its consumer report of December 3, 2020, the Federal Financial Supervisory Authority (BaFin) now makes it clear on January 18, 2021 that the activity as “asset manager” is not used by HTG Consulting GmbH, but by unknown third parties. HTG Consulting GmbH became victim of identity theft. On December 3, 2020, BaFin reported, among…
-
Art Market Picking Up
Players’ confidence in the art market is improving, measured live by Artprice.com. The theoretic principles behind this index are as simple as the ones behind the Consumer Sentiment Index in the US. This index constitutes a reference in every single global marketplace. The principles are based on the same method as used for the Consumer…
-
Quality Face Masks Are Among The Top Ten Donation Requests
Donations are resources. Who donates invests. Therefore, every donor is interested in how likely it is that the goals of the donation will be achieved. Assessing and classifying this probability of reaching the aims of a donation is the subject of a charity rating. What do donors want to donate? Donor priorities change with circumstances…
-
How to Run a Credit Reporting Agency in China
The People’s Bank of China issued a Draft for comments on “Measures for the Administration of Credit Investigation Services“. It is intended to regulate the credit investigation business and related activities, and promote the healthy development of the credit investigation industry. This is formulated in accordance with the “Civil Code of the People’s Republic of…
-
China’s Administrative Measures for Credit Investigation and Regulations on the Administration of Credit Investigation Industry
On January 11, 2021 the People’s Bank of China announced the “Administrative Measures for Credit Investigation (Draft for Comment)”. This is another heavy new regulation that the credit reporting industry will usher in after the 2013 “Regulations on the Administration of Credit Investigation Industry” and the “Administrative Measures for Credit Investigation Institutions”. The “Measures” have…
-
Well on Track with Around 50% Growth
The business development of artec technologies AG (ISIN DE0005209589) in 2020 was positive overall, despite challenges related to the corona pandemic, reports the company from Diepholz / Bremen. After annual sales that increased by around 50% to EUR 3.15 million, the Management Board expects – as forecast, subject to the review – a significantly improved…
-
Six UK-Based Credit Rating Agencies Lost Their Registrations
The European Securities and Markets Authority (ESMA), the supervisor of European Union (EU) credit rating agencies (CRAs), has withdrawn the registrations of CRAs based in the United Kingdom (UK). ESMA’s decisions follow the end of the transition period of the UK’s withdrawal from the EU, which occurred on December 31, 2020. UK credit ratings will…
-
Simple Protection Against Investment Fraud
594 victims of financial frauds reported to the Austrian Financial Market Authority (FMA) in 2020 – the highest figure in an upward trend in fraud cases that has been going on for years. The average damage is around € 42,000 per person. Many overlook the role of rating agencies. Credit Rating Agencies and other agencies…
-
IOSCO’s Profiling of Investors’ Risk Appetite
The International Organization of Securities Commissions (IOSCO) issued a report with some remarkable findings. Given its mission to assist regulators in responding to the retail market conduct issues caused by stress events such as the current COVID-19 pandemic, the report examines common retail misconduct risks that have arisen in the financial services industry during the…
-
Rock Tech Rocking the Market
What made the stock price of Rock Tech Lithium Inc. (Rock Tech) double within just two months? The answer might be here: Apeiron Investment Group, the family office of serial entrepreneur and investor Christian Angermayer is committed to the success of Rock Tech. Christian Angermayer sees a huge opportunity and the perfect timing for his…
-
Mitigate Operational Risks By Using FFP2 Face Masks
For companies in which employees cannot always keep a safe distance from another, the infection of individual employees and the consequential officially ordered quarantine measures can result in major economic losses. Companies can effectively counteract this by using FFP2 masks, because FFP2 masks, in contrast to normal mouth and nose protection, also protect the wearer…
-
Vectron’s Recurring Income Strengthens Its Rating
Vectron Systems AG (Vectron), a leading provider of intelligent, digitized cash register systems consisting of hardware, software and cloud services, with a focus on the gastronomy and bakery sectors, has created itself a better position for its credit ratings. A stable rating history is ensured in particular by sustainable, recurring income. Vectron makes use of…
-
Western Countries Still Lack Systems to Fight Identity Theft
The German Federal Financial Supervisory Authority (BaFin) published an urgent announcement “21.12.2020 | Topic Consumer protection: Warning regarding the website ‘otc-markets.eu’”. Regardless of the warning, the website is still active: BaFin advises that the website “otc-markets.eu” does not belong to the US company OTC Markets Group Inc. “This is a case of identity theft committed…
-
Why Art Rating Criteria Need to Be Repaired
The Artprice Report, covering 20 years of Contemporary Art auction history, is a basis for understanding why evidence-based “art rating” is more important and urgent today than ever before. The complexity and global nature of the art market has never been greater. In the last two decades, decisive impetus came from China. “In 20 years,”…
-
From Alibaba as “Amazon of China” to Amazon as “Alibaba of the USA”
“Innovative market leaders can excel in emerging countries”, writes a clever investor in his “Christmas letter”, who may be quoted here, but wants to remain anonymous, since his letter is only addressed to his “investors and serves to maintain contact with a few other acquaintances / friends”: “When it comes to innovation, the big US…
-
How A Credit Rating Agency Should Determine the Weights of ESG Criteria
Moody’s “General Principles for Assessing Environmental, Social and Governance Risks” relate to issues which may have greater downside risk than upside potential for rated issuers. The introduction of these principles is perceived by many issuers as an additional pressure that weighs on them in order to prove their sustainable management. This pressure is unsettling, especially…
-
German Medium-Sized Bond Issuers Avoid German Government Loans
The financial reports of medium-sized bond issuers in Germany published in 2020 were evaluated and analyzed by URA Research. The URA ratings for 7 bonds were confirmed. According to the report from Munich, the assessment has improved for 1 bond and deteriorated for 10 bonds. The 3rd bond from Karlsberg Brauerei GmbH and the 6th…
-
Future Divisional Structure of S&P Global
S&P Global (NYSE: SPGI) and IHS Markit (NYSE: INFO) announced the future divisional structure of the combined company, effective upon completing their pending merger: Divisional Structure S&P Global Ratings will be led by Martina Cheung, currently President of S&P Global Market Intelligence, upon close. Effective immediately, Martina Cheung will also lead the S&P Global ESG…
-
Double-edged Strengthening of Banks’ Equity
A few days after the European Central Bank and the German Federal Financial Supervisory Authority (BaFin), the European Systemic Risk Board (ESRB) is now recommending that distributions continue to be restrictive in view of the corona pandemic. General Board of the European Systemic Risk Board held its 40th regular meeting on December 15, 2020. According…
-
DEFAMA’s Gemstones Among German Commercial Real Estate
The Berlin-based Deutsche Fachmarkt AG (DEFAMA) invests specifically in small retail properties in small and medium-sized cities, predominantly in northern and eastern Germany. The most important purchase criteria are two or more chain stores with good credit ratings as anchor tenants, if possible no more than 10 tenants and an annual net rent of at…
-
Lloyd Howell
On December 18, 2020, Moody’s Corporation announced that Mr. Lloyd Howell has been elected as a member of the Company’s Board of Directors, effective as of March 15, 2021. Lloyd Howell also has been elected to serve on the Board’s Audit, Governance & Nominating and Compensation & Human Resources Committees, effective as of March 15,…
-
Shenzhen – The World Economy of Tomorrow
You can read it in old German travel guides: Shenzhen was once a fishing village. Shenzhen is not mentioned in the five-volume “Der Neue Brockhaus” from 1975. In 1993, the renowned Brockhaus Encyclopedia reported in 24 volumes under the short keyword “Shenzhen” of only 280,000 inhabitants. Even then it may have irritated readers that the…
-
Moody’s Heatmap Shows Heightened Environmental Credit Risk
Moody’s analysts have revised their environmental classification to reflect evolving environmental, social and governance standards, disclosure frameworks and market conventions among issuers and investors. Environmental risks can arise from regulatory and policy issues, hazards or a combination of both. The five environmental categories Moody’s considers most material to credit are carbon transition, physical climate risks,…
-
S&P And Moody’s Are Losing Market Share in the EU
For the first time, the European Securities and Markets Authority ESMA has reported a decline in market shares in Europe for both of the major US rating agencies. The authority thus discloses a remarkable development. Never before have the two market leaders, who have been issuing their credit ratings worldwide according to recognized standards and…
-
Screen Applicants Faster
With the Talent Report™ Select All solution, Equifax (NYSE: EFX) facilitates faster, more-informed hiring decisions for talent acquisition professionals with reliable verifications of employment via The Work Number® database. Talent Report Select All delivers contextual data in support of a more holistic view of the candidate in a single report, helping hiring managers make critical…
-
Toward A Reputation State: A Comprehensive View of China’s Social Credit System Project
China’s Social Credit System Project (the “SCSP”) is one of the most misunderstood recent developments in China’s law and policy. In the book “Social Credit Rating“, Xin Dai offers a comprehensive conceptual thesis that explains the SCSP as the Chinese government’s multi-faceted strategy to use reputation in law and governance. The SCSP envisions that reputation…
-
2020 Becomes the First Year of Digital Currency
From October 8th to 18th, 2020, Luohu District, Shenzhen, China, conducted a digital currency experiment, issuing digital currency red envelopes totaling 10 million RMB (approximately 1.5 million Dollars). From the 8th to the 11th October, 1,913,800 Shenzhen residents reserved a lottery for red envelopes, and 50,000 of them received digital RMB red envelopes, each at…
^^^ RATING EVIDENCE GmbH 