Zhou Xiaochuan announced that the central bank PBoC is developing its own digital currency called DCEP. The DC in the name represents the digital currency while EP is for electronic payments.
China digital currency DCEP (digital currency electronic payment)
Chinese Central Bank, People’s Bank of China (PBoC) is already in the process of developing the digital currency called DCEP. The governor of PBoC, Zhou Xiaochuan stated that the central bank had organized many seminars related to digital currency over three years ago.
He further mentioned that the seminar was followed by the establishment of a research institute that focuses on developing this digital currency. Recently, the bank also organized a distributed research and development event with the industry.
The digital currency that is being currently developed by the bank is given the name DCEP. These initials basically represent digital currency for DC and electronic payment for EP.
Central bank shunned bitcoin then introduced own currency
It has already been in the news that the central bank will ultimately be developing its own digital currency indicated by the governor’s interest in digital currency in his recent public appearance.
He stated that the bank doesn’t allow the payments made by using bitcoin or any other cryptocurrency. However, Zhou also said that they are interested in the idea of virtual currency.
As we mentioned in our last article, China had been a lucrative economy for the cryptocurrency industry with some of the biggest exchanges. But over the last year, the country slammed down hard on these exchanges and even banned their social media advertisements.
It is yet to be seen what this new digital currency DCEP will be all about. No doubt, it would be pretty interesting to know the kind of features it will be introduced with. Only time will tell!
What are your views on China’s Central Bank’s very own digital currency DCEP? Let us know your thoughts below!
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I am an associate content producer for the news section of Coingape. I have previously worked as a freelancer for numerous sites and have covered a dynamic range of topics from sports, finance to economics and politics.