Topic: JUST IN: Chinese Central Bank to Launch Digital Currency Called "DCEP" - page 5. (Read 710 times)
October 29, 2019, 01:19:16 AM
I just can’t understand. Previously, there was information that the People's Bank of China, using commercial banks, plans to launch the CBDC national stable coin, which has also been developed for about five years. Is it the same coin or not? Apparently, we are talking about the same stable coin, but for some reason with a different name.
October 29, 2019, 01:11:39 AM
They planned it long, that's why when China announces it they already take advantage on launching their digital currency as being talked of the town now. I just hope no more banning in China since Chinese are known to be risky in terms of businesses and using blockchain for them will benefit them once it became fully operational. But we will never know unless they officially released it soon.
with this news , china proved has high interest in blockchain and digital currency like cryptocurrency.hopefully they will not banning again cryptocurrency in their country.now chinese citizen could comfortly invest in this market without any worries.and crypto market get positive affect from this.we need more good news, especially from china as trigger. October 29, 2019, 12:46:56 AM
They planned it long, that's why when China announces it they already take advantage on launching their digital currency as being talked of the town now. I just hope no more banning in China since Chinese are known to be risky in terms of businesses and using blockchain for them will benefit them once it became fully operational. But we will never know unless they officially released it soon.
October 29, 2019, 12:40:20 AM
6 years... Damn, I can't believe they've been looking at blockchain and cryptocurrencies since late 2013, I don't believe they got interested in crypto-currencies since fairly early on, before all the ICO's and bull runs.
It's pretty solid proof that China is completely adopting this new cryptocurrency technology then, they have been very lax with crypto-currency in recent years and it looks like they want to develop an ecosystem that could possibly replace fiat, and their "DCEP" being at the top of it.
I can't wait for it to launch! Countries are definitely going to follow suit with this now.
It's pretty solid proof that China is completely adopting this new cryptocurrency technology then, they have been very lax with crypto-currency in recent years and it looks like they want to develop an ecosystem that could possibly replace fiat, and their "DCEP" being at the top of it.
I can't wait for it to launch! Countries are definitely going to follow suit with this now.
October 29, 2019, 12:33:22 AM
Quote
While the PBoC has yet to confirm the launch of "DCEP," China's finance tsar Huang Qifan says that the central bank has been studying it for almost six years
Huang Qifan, executive vice president of the China International Economic Exchange Centre, has confirmed that the People's Bank of China plans to roll out its own digital currency, which will be called "DCEP" (digital currency electronic payment).
China Finance 40 Forum (CF40), the organization that focuses on finance policy research and academic exchange, published a video that features an excerpt from Qifan's speech during the inaugural Bund Summit that is taking place from Oct. 27 till Oct. 29.
Qifan reveals that China has been working on the project for about five or six years. After the launch of the DCEP coin, the PBoC will become the very first central bank in the world to issue its own cryptocurrency.
Tongues have been waggling about the state-backed Chinese digital currency for quite a while. As reported by U.Today, it could pose a serious threat to AliPay and WeChat Pay.
Latter, it seemed like the "China Coin" was temporarily shelved -- a source close to the Chinese Communist Party revealed that the cryptocurrency would not be launched anytime soon.
However, President Xi Jinping's embracement of the Blockchain technology has put China at the forefront of the crypto conversation once again. A senior Chinese official also opined that Blockchain needed "special attention" after Xi's comments.
At this point, China is poised to become a leading crypto force despite formally opposing it. Bitcoin remains banned in China despite the fact that local miners are responsible for 70 percent of its hash rate.
Huang Qifan, executive vice president of the China International Economic Exchange Centre, has confirmed that the People's Bank of China plans to roll out its own digital currency, which will be called "DCEP" (digital currency electronic payment).
China Finance 40 Forum (CF40), the organization that focuses on finance policy research and academic exchange, published a video that features an excerpt from Qifan's speech during the inaugural Bund Summit that is taking place from Oct. 27 till Oct. 29.
Qifan reveals that China has been working on the project for about five or six years. After the launch of the DCEP coin, the PBoC will become the very first central bank in the world to issue its own cryptocurrency.
Tongues have been waggling about the state-backed Chinese digital currency for quite a while. As reported by U.Today, it could pose a serious threat to AliPay and WeChat Pay.
Latter, it seemed like the "China Coin" was temporarily shelved -- a source close to the Chinese Communist Party revealed that the cryptocurrency would not be launched anytime soon.
However, President Xi Jinping's embracement of the Blockchain technology has put China at the forefront of the crypto conversation once again. A senior Chinese official also opined that Blockchain needed "special attention" after Xi's comments.
At this point, China is poised to become a leading crypto force despite formally opposing it. Bitcoin remains banned in China despite the fact that local miners are responsible for 70 percent of its hash rate.
Source
Now that Chinese Government is boldly showing their development in issuing the world’s first state-backed digital currency, will other countries follow the same path? What could be its implications to Bitcoin and cryptocurrencies?
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