China to Become World’s First Country to Launch Its Own Digital Currency

China is all set to launch its own digital currency and by doing so, becoming the first country in the world to issue its Central Bank Digital Asset.

According to Huang Qifan, Executive Vice President of the China International Economic Exchange Centre, the currency will be named DCEP (Digital Currency Electronic Payment).

Qifan made the announcement at the inaugural Bund Summit, which is taking place from 27th to 29th October. He also revealed that the People’s Bank of China (PBoC) has been working on rolling out the cryptocurrency for the past 5-6 years.

“DCEP can achieve the real-time collection of data related to money creation, bookkeeping, etc, providing a useful reference for the provision of money and the implementation of monetary policies”, China Finance 40 Forum tweeted.

Earlier, Chinese President, Xi Jinping embraced the blockchain technology in a statement before the public, saying that China should adopt the emerging blockchain technology.

Things are looking good for China’s first central bank digital asset as the 13th National People’s Congress has also voted for a cryptography law which will come into effect from 1st January 2020.

How, according to a report by U.Today, a source close to the Communist Party revealed that the new currency will not be launched anytime soon. The report further added that China’s local payment gateways like WeChat and AliPay will have a tough time if the state-backed digital currency is launched.

What are your thoughts on China’s first digital currency? Let us know in the comments section.

Feature Writer

  • i have a questions for every one,
    so after china pakistan take this technology i hears so many times Mr. Waqar Zaka said that if we need this techonology he provided us .

  • It’s a good move, the only way to stop technology revolution is to adapt it. Sooner or later, world will move to Crypto currency.

  • Yes, Digital currency is the next evolution of monetary transactions. But here China will make history among firsts by introducing it by the apex bank of China as another form of RMB

  • Digital curreny is dajjali system and dajjali currency. ban it and stay away from it but obviously libtards will not understand like always.

    • The First dajaly currency is the paper currency & the 2nd dajaly currency is digital currency

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