(16-04-2020, 01:08 AM)Wildreamz Wrote: https://www.ledgerinsights.com/china-dig...dcep-cbdc/
China’s central bank digital currency wallet is revealed
8 hours agoby Ledger Insights
Quote:Yesterday a screenshot emerged showing an online wallet used in testing China’s central bank digital currency (CBDC). The wallet referred to the Agricultural Bank of China (ABC), one of China’s big four state banks, which is known to be involved in piloting the digital Yuan, also referred to as DCEP (digital currency / electronic payment).
https://boxmining.com/dcep/
DCEP: China’s National Digital Currency Overview
Quote:What is DCEP
Digital Currency DCEP (Digital Currency Electronic Payment, DC/EP) is a national digital currency of the China built with Blockchain and Cryptographic technology. The currency is pegged 1:1 to the Chinese National Currency – the RenMinBi (RMB).
The overall objective of the currency is to increase the circulation of the RMB and international reach – with eventual hopes that the RMB will the a global currency like the US Dollar.
China has recently established an initiative to push forward Blockchain adoption, with the goal of beating competitors like Facebook Libra – a currency which Facebook CEO Mark Zuckerberg claims will become the next big FinTech innovation. China has made explicit that Facebook Libra poses a threat to the sovereignty of China, insisting that digital currencies should only be issued by governments and central banks. DCEP is not listed on cryptocurrency exchanges and will not be for speculation of value.
As it seems, money itself is a medium of exchange but in modern finance, it is an ecosystem.
Former PBOC official says China’s digital yuan is little used: Caixin
“What needs to change is the digital yuan acting only as a substitute for cash and only for consumption,” Xie said.
“Cash, bank cards and China’s third-party payment mechanisms have formed a payment market structure that has met needs for daily consumption,” he said. “The common people are used to it, and changing it is difficult.”
Digital-yuan business had no synergistic effect and no commercial benefits in banks’ business, he said. Meanwhile, third-party payment systems, such as Alibaba Group’s Alipay, offered a more attractive range of functions, such as investment, insurance and consumer lending.
https://www.businesstimes.com.sg/compani...sed-caixin