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March 13, 2024
China launches its own state cryptocurrency DCEP
Vice President of China’s International Economics Center, has today confirmed that China’s People’s Bank will develop a plan to introduce its own national cryptocurrency (“DCEP” – Digital Currency Electronic Payment). Of course, this digital currency is not on any of the five pillars that make a coin to the real cryptocurrency …
Open.
Limitless.
Neutral.
Censorship resistant.
Public.
Limitless.
Neutral.
Censorship resistant.
Public.
… and therefore can best be called cyber fiat money.
The China Finance 40 Forum (CF40), an organization that focuses on research for fiscal policy, has published a snippet of Qifan’s speech, which he held at the “Bund Summit”, which is currently taking place from 27th to 29th becomes:
"The significance of Digital Currency Electronic Payment lies in that it's not the digitization of existing currency,but replacement of M0. It greatly reduces the dependence of trading process on accounts,which is conducive to the circulation and internationalization of #RMB. ...
... 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. ...
See China Finance 40 Forum (CF40)'s other Tweets
Qifan revealed that China has been working on the project for five to six years and will be the first country that will give me DCEP a successful state cryptocurrency. Qifan proudly announces that “DCEP can collect data in real time”.
Xi Jinping, the Chinese president, announced only on Friday that China will “focus more on blockchain as it is the technology of the future and the next industrial revolution.” Shortly thereafter, the Bitcoin (BTC) price jumped 42% in the short term.
image by Shutterstock
