Categories: Altcoin News

DCEP: the 1st major Central bank digital currency from China

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.

Johnson Go

Blockchain enthusiast, project management specialist, writer and crypto investor. JG deals mostly with problems and solutions of crypto projects and provides market outlook for investments. He contributes his analytical skills to projects.

Show comments
Published by

Recent Posts

Austria crypto regulators slap unlicensed operators with €200,000 maximum fine

Austria crypto regulators have announced that crypto firms cannot operate until they obtain a license from the nation's financial watchdog…

1 hour ago

More than $3.2 million worth ETH laundered from last year’s Upbit hack

An Upbit hack was confirmed last year by the South Korean cryptocurrency exchange which showed that the hackers got away…

12 hours ago

Libra’s TSC charged to oversee stablecoin development

Libra’s TSC (or Technical Steering Committee for the Libra project) has been formed by the Libra association with five elected…

12 hours ago

Crypto Dad teams up with Accenture to develop a Digital Dollar Foundation

Commodity Futures Trading Commission's (CFTC) ex-chairman Christopher Giancarlo, also popularly known as Crypto Dad has joined hands with Accenture in…

13 hours ago

Blockchain-based Visa Token Service to process $1tn transactions

The world’s largest electronic payments provider Visa has announced that the brand new blockchain-based service Visa Token Service (VTS) could…

16 hours ago

Zcash transactions on smartphones go incognito

Zcash transactions on smartphones can now be anonymous as its developers, the Electric Coin Company, released a suite of resources…

19 hours ago