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History and development of DCEPĭevelopment of DCEP started in 2014 with the establishment of a research institute dedicated to digital currencies and looking at how to improve the Chinese Yuan system with blockchain technology. On the other hand, cryptocurrencies that are native to Blockchain are suppressed as Cryptocurrency Exchanges and ICOs are banned in the country. In April of 2020, China launched the Blockchain Service Network to unify all the Blockchain related projects in the Nation.Ĭhina has adopted the “Blockchain, not Cryptocurrency”, whereby the benefits of Blockchain is highlighted. This speech has also been echoed by Li Wei, head of the People’s Bank of China. President Xi Jinping has mandated that the ‘ country’s development of blockchain technology should be sped up ‘ on Oct 24th in front of the Political Bureau. A mandate to adopt BlockchainĬhina has established a countrywide initiative to push forward Blockchain Adoption. Hence the Chinese consider that it is a requirement to form a new currency clearing network.Īccording to Chinese media, DCEP is seen as the “ 3rd Wave” aimed at the US. Hence it is thought that China is being held back by the US via the SWIFT system, and so, in internationalizing the RMB- China requires its own worldwide banking system- i.e. Also, its transactional data were found to have been supplied to the US. This is because whilst SWIFT claims to be a neutral international organization, 12 of the 25 directors are either from the US and her allies. Thus whoever controls SWIFT’s data center will have access to information on almost every cross-border remittance, which some in China posit is the US. Whilst SWIFT, in particular, is seen as a cause for concern to the Chinese because due to its foothold in the international banking system, it is almost essential to use SWIFT for inter-bank transfers across countries. However, some consider that both the CHIPS and SWIFT systems have fatal flaws. This is because prior to the RMB Cross-Border Inter-Bank Payments System (CIPS) going live in early October 2015, RMB cross-border clearing and settlement was mainly done through CHIPS (Clearing House Interbank Payments System) or SWIFT (Society for Worldwide Interbank Financial Telecommunication). DCEP can also reduce the costs involved in maintaining and recycling banknotes and coins.īasically, DCEP is poised to become a digital version of the RMB.įurthermore, the issuance of DCEP is conducive to promoting the internationalization of the RMB and reshaping the current cross-border payment system. This is because regulators can better monitor digital currency transactions, which some consider will greatly improve financial and monetary supervision.

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It is suggested that DCEP will alleviate the risks of offline paper money transactions such as anonymous counterfeiting, money laundering and illegal financing. The significance of DCEP is that it’s designed as a replacement for the Reserve Money (M0) system, cutting back the cost and friction of bank transfers. Check out my course created in collaboration with Jeff Kirdeikis of Uptrennd- Bitcademy: Learn, Invest & Trade Bitcoin – In Under an Hour Why is China coming up with a digital currency? To learn more about Bitcoin, cryptocurrencies and generally how to get started. DCEP is not listed on cryptocurrency exchanges and will not be for speculation of value. 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. China has recently established an initiative to push forward Blockchain adoption, with the goal of beating competitors like Facebook Libra – a currency that Facebook CEO Mark Zuckerberg claims will become the next big FinTech innovation. The goal and objectives of the currency are to increase the circulation of the RMB and its international reach – with eventual hopes that the RMB will a global currency like the US Dollar. This revolutionary cryptocurrency could become the world’s first Central Bank Digital Currency (CBDC) as it is issued by the state bank People’s Bank of China (PBoC).

What is the difference between DCEP, Libra, Bitcoin and Cash? A comparisonĬhina’s national digital currency DCEP ( Digital Currency Electronic Payment, DC/EP) will be built with Blockchain and Cryptographic technology.Why is China coming up with a digital currency?.

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