Digital currencies use blockchain as well , but they operate with a centralised authority and require user identification. The DCEP features “controllable anonymity” that is tracked and requires users to download and register to an app on their smartphone.8 Eyl 2021
Read moreIs China about to launch its own cryptocurrency?
The PBOC plans an official launch of the digital yuan as soon as 2022 , following testing at the Winter Olympics. China plans to revise its laws to add it as legal tender and ban private-sector issuance of digital currencies, whose proliferation poses an oversight challenge for regulators.
Read moreHow do I buy DCEP coins?
How to buy DCEP? Currently DCEP is only available to other banks working with the People’s Bank of China . This will eventually open up to the general public in 2020. There are currently no cryptocurrency exchanges that trade DCEP.
Read moreWhat is China’s cryptocurrency called?
The digital yuan , also called e-CNY, e-Yuan, digital RMB, Yuan Cryptocurrency, or Digital Currency Electronic Payment (DCEP) is the virtual form of Chinese renminbi issued by the People’s Bank of China.
Read moreHow does the DCEP work?
The aim of DCEP is not to substitute the existing legal tender. It uses some of the features of blockchains, such as traceability and “smart contracts”, to reduce the expenses and frictions of bank transactions, tackle money laundering, and boost overall financial tracking .
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