The time has come, China, after the EU and the US largest economic power in the world, launches its own state cryptocurrency. According to a business representative, it bears the name DCEP (Digital Currency Electronic Payment).
Huang Qifan, Vice President of China’s International Economics Center, has today confirmed that China’s People’s Bank will develop a plan to introduce its own national cryptocurrency (“DCEP” – Digital Currency Electronic Payment). Of course, this digital currency does not stand on any of the five pillars that turn a coin into real cryptocurrency …
… and therefore can best be called cyber fiat money.
The China Finance 40 Forum (CF40), an organization that focuses on research for fiscal policy, has published a snippet of Qifan’s speech, which he held at the “Bund Summit”, which is currently taking place from 27th to 29th:
… #PBOC has been studying #DCEP for five or six years, and is likely to be the first central bank in the world to launch a digital currency," said Huang Qifan, Vice President of #China Center for International Economic Exchanges, in #BundSummit #stablecoin #digitalcurrency pic.twitter.com/2M2lKKAWoA
— China Finance 40 Forum (CF40) (@ChinaFinance40) October 28, 2019
Qifan revealed that China has been working on the project for five to six years and will be the first country that will release a successful national cryptocurrency with DCEP. Qifan proudly announces that “DCEP can collect data in real-time”.
Xi Jinping, the Chinese president, announced only on Friday that China will “focus more on blockchain as it is the technology of the future and the next industrial revolution.” Shortly thereafter, the Bitcoin (BTC) price jumped 42% in the short term.
What do you think about the Chinese state’s digital currency? Tell us in the comments column!