The Chinese government is working on its own to the Yuan-linked digital currency, is already known for a Long time. However, currently it seems as if the Communist party had given to China, the statement, the accelerator in the implementation of completely push through. Even if there is still no official date for the Launch of the China crypto-currency, the recent events leave the impression that the date will be in the near than in the distant future. So we see soon, the world’s first digital currency, which shall bear the name of Chinese Digital Currency Electronic Payment (= DCEP)?
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DCEP – China wants to be the world’s first digital currency
Output location for the message is a speech by Huang Qifan, the Vice-President of the China International Economic Exchange center, a short CIEE. Because of this, reiterated in its yesterday held a speech that the Chinese use Central Bank People’s Bank of China (PBoC) continues to be the world’s first Central Bank, which issued its own national digital currency. This step would be a novelty in the history of money and financial industry and would confirm the Trend of many experts that the future of money is digital.
?? BREAKING: China to launch digital currency “DCEP”According to this video (to be confirmed), the Chinese Central Bank wants to launch a digital currency called DCEP. To be tested and onboarded with commercial banks first.More on this story soon. pic.twitter.com/OqRwN272iv Block Journal (@block journal) October 28, 2019
The Qifan made a Statement, took place in the framework of the Federal Financial Summit in Shanghai. It also fits perfectly in a number of comments, the leading persons of Chinese governmental and economic apparatus in the last few months with respect to digital currencies and the Blockchain. So Xi Jinping had spoken just a few days ago, the media on the relevance of the Blockchain technology.
China, crypto-currency DCEP: an introduction in two steps
As we have already in the past, in our article, China’s future the digital currency, not a crypto-currency? reported, will be introduced in the digital currency DCEP first in a two-stage System. So the Chinese wants to join the Central Bank’s first System to the large retail and commercial banks. In the next, this will then create the connection to the end-users, and other institutions.Huang Qifan also said that the PBoC for the past five to six years (!) participate in the elaboration and conception of one’s own digital currency work. Therefore, he was very confi dent that they a) will be a success and b) close to the integration in the Chinese financial and monetary system stand for.Trade on the most successful Crypto-exchange. If you’re looking for a reputable point of contact, to act with real crypto currencies, then take a look at our Binance Test 2019! In this article, we have analyzed all the features and benefits of the crypto-exchange in more detail and evaluated. The most the most popular crypto-stock exchange today! Now on Binance sign up.
DCEP – important Details are still unknown
So far it is only known that the introduction in two stages will be carried out. About the technical specifications of the digital currency, there are no precise Details. Nevertheless, one can say with (almost) 100% certainty that it is not a decentralized crypto-currency, à la Bitcoin or Ethereum. Who knows the mindset of the Chinese government, and understands, will probably have already guessed, that the operation of a Node is unlikely to be ‘permissionless’. The same is valid for the digital Wallet: here it is, except for the PBoC itself, probably no other Wallet providers.
China, crypto-currency: control instead of freedom
That is to say, of course, in sum, that the Chinese digital currency DCEP will be under the full control of the Central government of China. Thus, this has in particular the opportunity to have the habits and payment transactions of its own citizens even better on the screen. In short: the Monitoring will increase still more. Similarly, the Chinese digital currency not confiscated will be recycled or pseudonym, as we know it from Bitcoin. DCEP is a good reason for Bitcoin!Will China make the first step and the world’s first country, which is based on a digital currency sets? What do you think about the influence of DCEP on Bitcoin? Come in to our Telegram Chat and talk with the experts and the Community. Subscribe to our News channel to not miss any News. (Image Source: Shutterstock)