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.
… At the same time, DCEP can achieve real-time collection of data related to money creation, bookkeeping, etc, providing useful reference for the provision of money and the implementation of monetary policies. …
— China Finance 40 Forum (CF40) (@ChinaFinance40) October 28, 2019
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.