Digital Yuan

It seems China is gearing up its plans to introduce its digital currency. Reports have it that China could be ready for the introduction of its Digital Currency Electronic Payment (DCEP) by May this year. China plans to first test the use of digital currencies among its state employees. The official name given to China’s CBDC project is the digital currency/electronic payment (DCEP). In recent times, industry reports have it that digital Yuan will go live in China by May. According to China…

The People's Bank of China (PBoC) intends to launch its much-awaited central bank-backed Digital Currency (CBDC) in Shenzhen and Suzhou. The WHO recommends using digital currencies over banknotes. They suggested this after discovering that the COVID-19 virus could be transmitted through banknotes leading to many central banks speeding up issuing their digital currencies. Recent reports say that research into China's central bank digital currency (CBDC) is dragging because of the COVID-19 outbreak. Still, the central bank has completed another milestone…

For around five years, the People’s Bank of China (PBoC) has been working on a digital coin. The central bank’s fiat reserve will back the Central Bank Digital Currency (CBDC), and its value pegged to the Yuan value.  Although the government of China announced its plans to develop the digital yuan in 2014, Facebook’s announcement of the launch of Libra was the propelling factor. The central bank says that the digital coin is near completion but hasn’t given any prospective…