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 moreWhat is China’s cryptocurrency?
The digital yuan or e-CNY is a digital version of China’s sovereign currency and has been in the works since 2014. It is not a cryptocurrency like bitcoin but is instead issued and controlled by the People’s Bank of China.
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