Huang Qifan, a Chinese politician, has stated that the central bank of China is set to launch a central bank digital currency dubbed DCEP from China. The digital currency will be called Digital Currency Electronic Payment (DCEP).
CF40 is the Chinese finance forty (40) forum that works on fiscal policies, and it has recently posted a video that includes a piece from the speech of Huang Qifan, which was made during the Bund Summit, happening from October 27 to October 29, 2019.
Chinese Central Bank Digital Currency history
Huang Qifan has stated that the country has been working on the launch of the central bank digital currency for around six years. He furthers that its launch will allow the Peoples Bank of China (PBoC) to become the first central bank to own digital currency.
The cryptocurrency is said to be able to achieve real-time data collection. This will provide a defined reference for the monetary provision and application of relevant policies.
People have actively been talking about the upcoming digital currency as it may threaten the online payment services, WeChat Pay, and AliPay.
Rumors around Chinese central bank digital currency
A source relevant to the Chinese Communist Party claims that the anticipated Chinese digital currency may not be launching anytime soon.
Xi Jinping, the President of China, has recently backed the blockchain technology, and this has caused the country to be put on the front for the crypto talks while a Chinese official suggests that the blockchain technology should be subject to extra attention, especially after the President’s endorsement.
Although China has not formally been backing the idea of cryptocurrencies, it is still set to become one of the leading crypto forces. Bitcoin (BTC) still faces a Chinese ban, even though Chinese BTC miners are the cause of around 70 percent of the currency’s hash rate.