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

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DCEP-digital-currency-electronic-payment

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.

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

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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.

China’s National People’s Congress has passed a new cryptography law, despite cryptocurrencies like Bitcoin currently being banned in the country.

let’s see what happened after this. People saying that this will be next Swiss Bank.

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