JUST IN: Chinese Central Bank to Launch Digital Currency Called "DCEP"

[ecnalubma]

While the PBoC has yet to confirm the launch of "DCEP," China's finance tsar Huang Qifan says that the central bank has been studying it for almost six years

Huang Qifan, executive vice president of the China International Economic Exchange Centre, has confirmed that the People's Bank of China plans to roll out its own digital currency, which will be called "DCEP" (digital currency electronic payment). 

China Finance 40 Forum (CF40), the organization that focuses on finance policy research and academic exchange, published a video that features an excerpt from Qifan's speech during the inaugural Bund Summit that is taking place from Oct. 27 till Oct. 29.

Qifan reveals that China has been working on the project for about five or six years. After the launch of the DCEP coin, the PBoC will become the very first central bank in the world to issue its own cryptocurrency.

Tongues have been waggling about the state-backed Chinese digital currency for quite a while. As reported by U.Today, it could pose a serious threat to AliPay and WeChat Pay.

Latter, it seemed like the "China Coin" was temporarily shelved -- a source close to the Chinese Communist Party revealed that the cryptocurrency would not be launched anytime soon.

However, President Xi Jinping's embracement of the Blockchain technology has put China at the forefront of the crypto conversation once again. A senior Chinese official also opined that Blockchain needed "special attention" after Xi's comments.

At this point, China is poised to become a leading crypto force despite formally opposing it. Bitcoin remains banned in China despite the fact that local miners are responsible for 70 percent of its hash rate. 

Source

Now that Chinese Government is boldly showing their development in issuing the world’s first state-backed digital currency, will other countries follow the same path? What could be its implications to Bitcoin and cryptocurrencies?

[hello_good_sir]

6 years... Damn, I can't believe they've been looking at blockchain and cryptocurrencies since late 2013, I don't believe they got interested in crypto-currencies since fairly early on, before all the ICO's and bull runs.

It's pretty solid proof that China is completely adopting this new cryptocurrency technology then, they have been very lax with crypto-currency in recent years and it looks like they want to develop an ecosystem that could possibly replace fiat, and their "DCEP" being at the top of it.

I can't wait for it to launch! Countries are definitely going to follow suit with this now.

[Beparanf]

They planned it long, that's why when China announces it they already take advantage on launching their digital currency as being talked of the town now. I just hope no more banning in China since Chinese are known to be risky in terms of businesses and using blockchain for them will benefit them once it became fully operational. But we will never know unless they officially released it soon.

[Serco]

They planned it long, that's why when China announces it they already take advantage on launching their digital currency as being talked of the town now. I just hope no more banning in China since Chinese are known to be risky in terms of businesses and using blockchain for them will benefit them once it became fully operational. But we will never know unless they officially released it soon.

with this news , china proved has high interest in blockchain and digital currency like cryptocurrency.hopefully they will not banning again cryptocurrency in their country.now chinese citizen could comfortly invest in this market without any worries.and crypto market get positive affect  from this.we need more good news, especially from china as trigger.

[Argoo]

I just can’t understand. Previously, there was information that the People's Bank of China, using commercial banks, plans to launch the CBDC national stable coin, which has also been developed for about five years. Is it the same coin or not? Apparently, we are talking about the same stable coin, but for some reason with a different name.

[blckhawk]

Most likely, other governments would also follow what China is doing. If they can't completely ban bitcoin, they have decided to might as well create their own, effectively "banning" bitcoin by having their own be used by their population. It's effective for them, but quite a threat for us. Even though not all countries do such thing, in the long run, it imposes a threat to decrease in bitcoin market demand. Unless people stay informed that these are centralized institutions and decide to steer off of it. But it would be hard to oppose the government though.

[Kakmakr]

A government controlled "digital" currency is centralized and not even close to a open, decentralized technology like Bitcoin. One of the main concerns with a "digital" currency in China is the fact that China would ban all other Crypto currencies to force their own citizens to use their own centralized currency.

It is clear that China only created this "Digital" currency, because they want to track their citizens wealth and spending habits. So this is just another "Firewall" type experiment to control their own citizens. 

[AniviaBtc]

A government controlled "digital" currency is centralized and not even close to a open, decentralized technology like Bitcoin. One of the main concerns with a "digital" currency in China is the fact that China would ban all other Crypto currencies to force their own citizens to use their own centralized currency.

It is clear that China only created this "Digital" currency, because they want to track their citizens wealth and spending habits. So this is just another "Firewall" type experiment to control their own citizens. 

We all know that China has a biggest population around the world. As they made their own cryptocurrency, they will not allow any other currency for their own citizen to use such as bitcoin and any other decentralized technology. They will only use their own currency just for them to grow what they invented.

I agree that the reason they made this digital currency is to get the ownership and wealth of the people that they controlled. This is their technical way on how they will control their people and corrupt their country.

[hello_good_sir]

A government controlled "digital" currency is centralized and not even close to a open, decentralized technology like Bitcoin. One of the main concerns with a "digital" currency in China is the fact that China would ban all other Crypto currencies to force their own citizens to use their own centralized currency.

It is clear that China only created this "Digital" currency, because they want to track their citizens wealth and spending habits. So this is just another "Firewall" type experiment to control their own citizens. 

I mean it is China, not sure what was really expected, they are literally famous for snooping on their citizens and being extremely controlling over them and whatever they do (look at the firewall thing).

It's still pretty decent for the market as a whole, obviously, their project isn't really bitcoin-related, it's more related to blockchain technology and basically cloning their own currency and putting it on a blockchain for easier use and to make it better for the future.

I have no doubt that every single coin from that blockchain is going to be easy to track and it'll end up with a lot of their citizens getting stuff traced back to them.

[SamboNZ]

-snip-

Or maybe the usage and adoption is just a smoke screen, the main reason could be that its easier for the government to track, monitor, and study their citizens financial history.

There must be a command that enables them to freeze, move and retrack funds.

[joniboini]

Out of gazillion possible names, they chose DCEP. Never imagined I'd say this but Intel Core naming was much better.

Apparently, we are talking about the same stable coin, but for some reason with a different name.

Different name with more or less the same purpose. It's the same state-controlled, centralized, not sound money.

[Wexnident]

Well most of us already saw this coming. With how much China has been in the forefront of cryto and all. I never expected the planning and researching to have taken 6 years though.
With how much China wants to be in control of basically everything about their citizens, creating their own crypto shouldn't be that surprising. What I'm curious now is what would happen to the BTC miners inside the country since I'm sure China wouldn't want said miners to be mining BTC or adoting BTC instead of their own coin or otherwise said as DCEP.

[trumpman]

Well, this certainly sounds bullish

 Hopefully we will see other countries following but.. China coin for now will do. Feels like the last months of 2019 will be quite interesting..Fingers crossed!

[lobat999]

I suppose China's cryptocurrency, if ever they got to release it was  designed in order to have a strong foothold in cryptoshere! Imagine if they got to achieve mainstream adoption and China will have more influence in global economy and trade in a borderless fashion without being hindered by grip of U.S. dollar.

As what I've said before, once this becomes realized, I think economic superpowers would also want to have their own cryptocurrency and this could lead to a global crypto race with unknown repercussions!

[NeuroticFish]

Well, this certainly sounds bullish

An obvious next step should be to allow proper exchanges in China so they can sell this... thing for Bitcoin and western money.
But we already know that China, by its declarations and actions can be the biggest Bitcoin price... manipulator.

[Wysi]

While the PBoC has yet to confirm the launch of "DCEP," China's finance tsar Huang Qifan says that the central bank has been studying it for almost six years

Huang Qifan, executive vice president of the China International Economic Exchange Centre, has confirmed that the People's Bank of China plans to roll out its own digital currency, which will be called "DCEP" (digital currency electronic payment). 

China Finance 40 Forum (CF40), the organization that focuses on finance policy research and academic exchange, published a video that features an excerpt from Qifan's speech during the inaugural Bund Summit that is taking place from Oct. 27 till Oct. 29.

Qifan reveals that China has been working on the project for about five or six years. After the launch of the DCEP coin, the PBoC will become the very first central bank in the world to issue its own cryptocurrency.

Tongues have been waggling about the state-backed Chinese digital currency for quite a while. As reported by U.Today, it could pose a serious threat to AliPay and WeChat Pay.

Latter, it seemed like the "China Coin" was temporarily shelved -- a source close to the Chinese Communist Party revealed that the cryptocurrency would not be launched anytime soon.

However, President Xi Jinping's embracement of the Blockchain technology has put China at the forefront of the crypto conversation once again. A senior Chinese official also opined that Blockchain needed "special attention" after Xi's comments.

At this point, China is poised to become a leading crypto force despite formally opposing it. Bitcoin remains banned in China despite the fact that local miners are responsible for 70 percent of its hash rate. 

Source

Now that Chinese Government is boldly showing their development in issuing the world’s first state-backed digital currency, will other countries follow the same path? What could be its implications to Bitcoin and cryptocurrencies?

This might be a negative news for bitcoin and other cryptocurrencies if China launched this digital currency as most people might dump crypto and switch to this newly developed digital currency and there are possibility that China might impose overall ban on crypto and mining to give a push to their digital currency. This is just my opinion.

[Cnut237]

Now that Chinese Government is boldly showing their development in issuing the world’s first state-backed digital currency, will other countries follow the same path? What could be its implications to Bitcoin and cryptocurrencies?

Yes, I think this is good news, and other countries will follow. It is the same with companies as with countries - it only needs one to adopt crypto, and the rest can either follow the same path or else get left behind.

Crypto offers such huge advantages over existing solutions, so whoever (country or company) adopts it will be at a competitive advantage. Whoever doesn't adopt it will therefore be at a disadvantage.

It only takes one big economy to take the first step. I'm sure others will follow.

[oxgroth]

This will have nothing in common with real crypto

[audaciousbeing]

While the PBoC has yet to confirm the launch of "DCEP," China's finance tsar Huang Qifan says that the central bank has been studying it for almost six years

Huang Qifan, executive vice president of the China International Economic Exchange Centre, has confirmed that the People's Bank of China plans to roll out its own digital currency, which will be called "DCEP" (digital currency electronic payment). 

China Finance 40 Forum (CF40), the organization that focuses on finance policy research and academic exchange, published a video that features an excerpt from Qifan's speech during the inaugural Bund Summit that is taking place from Oct. 27 till Oct. 29.

Qifan reveals that China has been working on the project for about five or six years. After the launch of the DCEP coin, the PBoC will become the very first central bank in the world to issue its own cryptocurrency.

Tongues have been waggling about the state-backed Chinese digital currency for quite a while. As reported by U.Today, it could pose a serious threat to AliPay and WeChat Pay.

Latter, it seemed like the "China Coin" was temporarily shelved -- a source close to the Chinese Communist Party revealed that the cryptocurrency would not be launched anytime soon.

However, President Xi Jinping's embracement of the Blockchain technology has put China at the forefront of the crypto conversation once again. A senior Chinese official also opined that Blockchain needed "special attention" after Xi's comments.

At this point, China is poised to become a leading crypto force despite formally opposing it. Bitcoin remains banned in China despite the fact that local miners are responsible for 70 percent of its hash rate. 

Source

Now that Chinese Government is boldly showing their development in issuing the world’s first state-backed digital currency, will other countries follow the same path? What could be its implications to Bitcoin and cryptocurrencies?

Its actually a long one coming and for those who have been following the turn of events, you will not be surprised. Just recently I had read about the Leader giving some accolades to blockchain, I just know its a prelude to something coming and now this is it right in our face and its a good development. The shame is on countries that decide to outrightly ban when China was attacking from all sides without even bothering to understand how they can harness the potentials of blockchain, now I wonder how they would feel that China is like 10 steps ahead into the future.

[stompix]

Out of gazillion possible names, they chose DCEP. Never imagined I'd say this but Intel Core naming was much better.

I wonder how this sounds in Chinese, any audio or video on it other than that Twitter cause I can't get that to play!

Well, this certainly sounds bullish
Hopefully we will see other countries following but.. China coin for now will do. Feels like the last months of 2019 will be quite interesting..Fingers crossed!

Oh yeah, this is good for Bitcoin!
I mean, what could go wrong with China launching a centralized stable cryptocurrency and on the next obvious step as they do with everything (social media, news, tv station, banks, eCommerce shops) obliterate any alternative that is not under their control!
Trust me more than ever, nothing good for Bitcoin comes from China!

But it will be interesting to watch the markets, supposedly the pump was because of China...then what should follow is...