Will The Digital Yuan Make China The Global Leader For Blockchain? | Blockchain Central
- 4 years ago
This week on #BlockchainCentral:
China has made many shifts with regards to their blockchain and cryptocurrency policy, but as of recently, the nation has decided to double-down on blockchain and is angling to make itself a global leader in the industry.
China has also unveiled plans for its Digital Yuan being developed by the People’s Bank of China. Known as the DCEP (Digital Currency Electronic Payment), the payment system will not be a decentralized solution, but will focus on centralized management controlled by the Central Bank of China.
The plans for the currency are to replace cash within the nation. However, it’s not just the citizens of China that will be affected by the change as the Chinese government has stated its intentions to reduce the world’s dependency on the US Dollar.
So what happens in 2020 for China and its stance on cryptocurrencies and blockchain? Find out in our latest video!
China has made many shifts with regards to their blockchain and cryptocurrency policy, but as of recently, the nation has decided to double-down on blockchain and is angling to make itself a global leader in the industry.
China has also unveiled plans for its Digital Yuan being developed by the People’s Bank of China. Known as the DCEP (Digital Currency Electronic Payment), the payment system will not be a decentralized solution, but will focus on centralized management controlled by the Central Bank of China.
The plans for the currency are to replace cash within the nation. However, it’s not just the citizens of China that will be affected by the change as the Chinese government has stated its intentions to reduce the world’s dependency on the US Dollar.
So what happens in 2020 for China and its stance on cryptocurrencies and blockchain? Find out in our latest video!