Written by RB Jane
Digital currency payment system, known as the Digital Currency Electronic Payment (DECP).
Chinese state media outlet Global Times on January 24 report says the nation’s capital will speed-up the development of demonstration zones this 2021 for fintech and professional services.
Helping to endorse the pilot application for the CBDC officially called Digital Currency Electronic Payment (DCEP). Mayor Gong Zheng of Shanghai also pledges to support and endorse digital currency. Governor Ma Xingrui of Guangdong says province authorities will support the Innovative pilot zone from Shenzhen’s development for the digital Yuan.
DCEP’s third trial was announced publicly allowing the locals to experience the electronic cash technology firsthand. Public knowledge and involvement will help with the pursuits and success of the project. Understanding what digital currency really means and how it operates will be vital for all its future users.
Here is what DCEP means from boxmining.com.
China’s national digital currency, DCEP (Digital Currency Electronic Payment), is built with Blockchain and Cryptographic technology. This revolutionary cryptocurrency could become the world’s first Central Bank Digital Currency (CBDC) as it is issued by state bank People’s Bank of China (PBoC). The currency’s goal and objectives are to increase the RMB circulation and international reach – with eventual hopes that the RMB will become a global currency like the US Dollar. China has recently established an initiative to push forward Blockchain adoption, to beat competitors like Facebook Libra – a currency that Facebook CEO Mark Zuckerberg claims will become the next big FinTech innovation. China has made explicit that Facebook Libra poses a threat to China’s sovereignty, insisting that governments and central banks should only issue digital currencies. DCEP is not listed on cryptocurrency exchanges and will not be for speculation of value.
The growing number of digital currency support from authorities and government leaders of Beijing and Shanghai will fast track the aim of this technological advancement this year.