The PBoC (People’s Bank of China) was recently forced to release a statement indicating that its much anticipated digital asset was still in its testing stages. This news comes during a time when there are online reports insinuating that dates had already been set for the official launch of the stablecoin.
DCEP or the Digital Currency Electronic Payment is a digital yuan being developed by China’s Central Bank. The bank issued a clarification after a fake website popped up online stating that the stable coin was set to go live on November 20th.
DECPAPI.com (the fake website) featured an API on its pages accompanied by a countdown to the so-called official release date. The Central Bank also issued a warning to potential investors asking them to be wary of Ponzi schemes or scams that were being issued by impostors.
Chinese Sentiments on Crypto
China issued a blanket ban on crypto assets in late 2017 asking its residents not to invest in them. In a bid to establish whether the resident’s sentiments have changed since the ban went into effect, Cointelegraph sought to speak to RockX’s co-founder and CEO, Alex Lam.
According to Alex, many Chinese locals were not aware of the existence of the crypto assets at the time they were being banned. Thus by banning these assets, the government was able to bring into light crypto-assets such as Ethereum and Bitcoin to the locals who had not heard of them before.
He goes on to add that it does not come as a surprise to note that many smaller countries, including China, were at some point wary of blockchain technology. But many have since then come to the realization that the SWIFT monetary system, as well as the use of the U.S. dollar, were in some cases being used against them as weapons of war.
This has, in turn, informed their desire to develop and adopt digital currencies.