Published: Thu, November 14, 2019
Markets | By Otis Pena

China may issue digital currency in the next 2-3 months

China may issue digital currency in the next 2-3 months

The Chinese Digital Currency Electronic Payment (DCEP) is a centralized digital currency.

China has been making headlines ever since it was revealed that the country is working on its digital currency, with China also accelerating its work on blockchain technology. Adding that trading of digital products in the name of the PBOC are likely fraudulent. While some observers see useful validation in the world's most populous nation adopting a bitcoin-adjacent currency system, others worry about authoritarian surveillance and control.

As Reuters reported on November 12 quoting Mu Changchun, head of the digital currency research institute at the People's Bank of China (PBoC), Beijing still intends for the new currency to complement the paper yuan. "At the same time it will keep the balance" to allow for things like anti-money-laundering actions and combating the financing of terrorism. "We are not seeking full control of the information of the general public", Mu said.

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A senior official from China's central bank has clearly defined the mission of the soon-to-be-launched digital Yuan, during a conference in Singapore.

In the latter part of the announcement, the central bank warned the general public against "so-called legal digital currency issuance" and individual institutions fraudulently launching "DC/EP" or "DCEP" in the name of the People's Bank of China. They then use that like cash to make and receive payments with anyone else who also has a digital wallet.

Money laundering and illegal gambling in particular have been a problematic issue with which China struggles to deal each year. However, with the new digital currency, the Chinese government hopes to deal with such issues more effectively.

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