People’s Bank of China to Roll Out DCEP, a Digital Currency for Electronic Payments

China International Economic Exchange Centre VP confirms People's Bank of China to release DCEP, a digital currency electronic payment after five to six years of development.

Executive Vice President of the China International Economic Exchange Centre, Huang Qifan, revealed that China’s Central Bank, People’s Bank of China are planning to launch it's respective digital currency called DCEP (i.e. digital currency electronic payment) reports U Today. This endeavor is supposedly a result of five to six years of research and development.

According to the claims made, the revelation comes from Qifan’s speech during the inaugural Bund Summit which has been taking place since Sunday, October 27 and is expected to end Tuesday, October 29.

In addition to sharing the plans for launch, and the time spent in developing DCEP, Qifan noted that China’s Central Bank will be the first across the world to have issued its respective cryptocurrency, adding that its uses cases entail, “real-time collection of data related to money creation, bookkeeping […] and the implementation of monetary policies.”

Ever since President Xi Jinping expressed interest in blockchain technology and encouraging the country to feel the same way, China has revisited the technology altogether. Although Bitcoin still remains banned in China, this change in direction could potentially lead to lifting the ban. That said, only time will tell how China works towards interpreting blockchain technology and the innovation that comes out of it.

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Nirmala Velupillai
Nirmala Velupillai
Nirmala is a blogger who has been fascinated by the world of technology and its contributions to societal development. While a novice, her eager to learn about the crypto world has led her to write a number of pieces on its positive and negative aspects. On her spare time, she indulges in understanding and building statistical models and enhancing her painting skills.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

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