It is known by many that DCEP, known as the digital currency of the Bank of China, started out with the claim of being the global currency. Which country will determine the future of the cryptocurrency world brings discussions with it.
Chandler Guo, one of the leading names in the cryptocurrency community, is working on mining in China. It is known to use a hydroelectric power plant as an energy source by partnering with the Chinese local government for cryptocurrency “mining”.
China has a say in 30 percent of Bitcoin mining in the world. Believing in the power of Bitcoin, the country now stands out with a different subject.
Is the Digital Yuan Dream Coming True?
Recently, a new sovereign has been the subject of discussion all over the world. Digital Money Electronic Payment (DCEP) system and “Digital Yuan”, the new digital money project to be launched by China’s central bank; It also inspires many governments.
DCEP is indeed the digital version of the yuan, China’s official currency.
“One day everyone in the world will use DCEP,” says Guo, saying that DCEP believes in the goal of a global currency. Guo stated that DCEP will be successful because there are 39 million Chinese people living outside of China and will use DCEP if their connections with the country continue. He argued that DCEP could thus become an international currency.
On the other hand, there are still those who doubt the future success of the currency. There are also those who think that China’s move is to keep their citizens under observation.
It looks like China will eventually make DCEP available later this year. However, the Bank of China (People’s Bank of China) refrained from giving an exact date. DCEP will only be tested in certain cities, and once available, it will allow many features such as linking electronic wallets to bank cards and transferring money.