The digital currency of China to be utilised for small-scale transactions

The digital currency of China to be utilised for small-scale transactions
ôîòî ïîêàçàíî ñ : invezz.com

2020-8-31 03:10

Undoubtedly, China is among the leading countries in terms of technology. Lately, China has been in the news for its digital currency. After the cryptocurrency ban, China is keen on developing its currency to join the race of central bank digital currencies (CBDCs).

According to the People’s Bank of China (PBoC), digital yuan can only be used for small transactions. Perhaps it will expand to larger retail transactions in the future. 

However, the People’s Bank of China (PBoC) made this announcement to debunk pointless rumors concerning the digital currency being used for big-scale transactions. Wang Peng, a Chinese assistant professor of the Gaoling School of Artificial Intelligence at Renmin University was accused of using the digital currency for a massive real estate deal.

Wang Peng said:

“At its current stage, the test’s primary goal is to ensure the digital currency’s operation runs smoothly and safe, and to determine how DCEP is distributed from the central bank to financial institutions. Only when trials in retailing are successful will they be carried out in large transaction scenarios.”

China’s plan towards expansion

Despite the conflicts with the United States, China is determined to accelerate the production of Digital Currency Electronic Payment (DCEP). Though, China’s effort to win the global race of central bank digital currencies (CBDCs) is in the trial phase. The experts and developers behind the DCEP initiative tend to achieve the first milestone with the outcome of the trial.

For now, the trials are taking place in Shenzhen; Suzhou in Jiangsu Province; Chengdu, the capital of Sichuan Province; and the Xiongan New Area in Hebei Province. Most likely, Chinese authorities will expand digital currency trial to other cities as well.

In early August, the Beijing News (Chinese media outlet) reported that the central bank digital currency team based in Shenzhen has been subsequently hiring new staff. The job postings were about research engineers and blockchain developers.

The post The digital currency of China to be utilised for small-scale transactions appeared first on Invezz.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Digital Rupees (DRS) íà Currencies.ru

$ 6.38E-5 (+0.00%)
Îáúåì 24H $0
Èçìåíåèÿ 24h: 0.00 %, 7d: 0.00 %
Cåãîäíÿ L: $6.38E-5 - H: $6.38E-5
Êàïèòàëèçàöèÿ $32.611k Rank 99999
Äîñòóïíî / Âñåãî 510.803m DRS

china digital currency keen cryptocurrency ban central

china digital → Ðåçóëüòàòîâ: 126


Ôîòî:

Digital Yuan Still in Trial: China Airdrops Another $3 Million Worth of Its DCEP to 10,000 Suzhuo Residents

China’s digital Yuan has been facing a series of trials since its launch. The country has been making several attempts to gain a foothold for its digital currency. Still, in the test phase, China has just airdropped another $3 Million worth of its DCEP to some Suzhuo residents, according to a new report. This appears […]

2020-12-17 18:00


Ôîòî:

Ripple CEO Calls On US Regulators To Embrace Digital Currencies As Nation Falls Behind China On Crypto Innovation

Ripple CEO Brad Garlinghouse has once again called on the United States regulators to step up and “lean into digital currencies” as the nation is falling behind China in terms of crypto innovation. Notably, China has continued with the development of its central bank digital currency, to the extent of conducting real-world pilot tests on […]

2020-5-28 10:26


Ôîòî:

PBC Governor says China has no launch timetable for the Digital Yuan

The People’s Bank of China has reiterated that the Digital Yuan is still at the testing phase and there is no set timetable for the official launch The Governor of the People’s Bank of China (PBC) Yi Gang has reportedly told a panel at a meeting that the country’s move towards launching a central bank-issued […] The post PBC Governor says China has no launch timetable for the Digital Yuan appeared first on Coinjournal.

2020-5-27 20:07


Ôîòî:

China: Digital Currency Experiments and Research to be Headed by Shenzhen

Shenzhen will be the testing grounds for China’s fascinating digital currency ambitions, this according to a central government document. As reported by Beloit Bulletin, September 30, People’s Bank of China (PBoC) plans to launch a significant research effort pertaining to the development of China’s national digital currency and others with hopes of fostering significant urbanRead MoreRead More.

2019-9-30 19:00


China Planning to Launch its Government-Backed Digital Currency Before Facebook’s Libra

The central bank digital currency (CBDC) of China may come out sooner than expected as the “time is almost ripe,” reported China Daily on Tuesday. Last week, we reported Mu Changchun, deputy director of the People's Bank of China’s payments department saying that the government-backed digital currency is ready to be launched after five years […]

2019-8-20 19:12


People’s Bank of China (PBoC) Expresses Cash Concerns Citing Cryptocurrency’s Growing Presence

Local authorities in China are worried about the exponential growth that digital payments are experiencing in the country. In a recent report released by the FT, the People’s Bank of China (PBoC) is very concerned about the declining relevance of cash for processing payments in the Asian country. According to this report, there are several […]

2019-1-3 09:26


Ôîòî:

Asian News Headlines Exert Significant Impact on Cryptocurrency Prices

A report published by Mosaic has found the Asian region to be exerting a leading influence within the cryptosphere, despite China’s ongoing crackdown on digital asset platforms. The study finds Asian news events to have a significant effect upon BTC price volatility and highlights the increasing number of cryptocurrency exchanges targeting Asian traders.

2018-12-22 14:15