Will Other Countries Adopt DCEPs?
The Chinese government has changed its stance on Bitcoin and more specifically blockchain last November. Since then, it was revealed that China is planning to create a digital version of the Chinese Yuan, based on blockchain technology.
These new digital currencies have been dubbed "DCEPs" by the Chinese government. It is short for Digital Currency Electronic Payment. Since its announcement many other governments have shown interest in developing their own national digital currency.
It appears that the DCEP might roll out sooner than originally thought. Development of China's DCEP increased recently due to Covid19 as fears of contaminated cash spread.
In addition to that, founder of Primitive Ventures and cryptocurrency influencer Dovey Wan released more information on the DCEP.
JUST IN— Dovey 以德服人 Wan 🪐🦖 (@DoveyWan) April 16, 2020
PBOC today officially confirms they will first test DCEP in Shuzhou,a beautiful city next to Shanghai, known for its classic Chinese garden, pic👇🏻
The test case will be paying state owned banks employees’ half of their commute reimbursement in the form of digital RMB pic.twitter.com/07mA4Z0DEs
She revealed that the People's Bank of China (PBOC) confirmed that they will test the DCEP in Suzhou, near Shanghai. The first to receive a DCEP payment will be bank employees who will receive half of their commute reimbursement in digital form.
The DCEP will be tested in small scale testing in controlled use cases. Other test cases may include government subsidies, unemployment checks, and education allowances.China's Agriculture Bank will be the first bank to adopt this technology. The Agriculture bank is China's third largest with 24,000 branches across China and the world.
We will likely hear more about the DCEP, until it eventual release sometime in 2020.
Written by Jonathan Ganor
Writer & cryptocurrency aficionado