China in rush to launch own crypto-currency

In an attempt to position as a leader in blockchain and decentralised finance, China is accelerating the efforts to issue a state-backed crypto-currency although in the same time is restricting the use of Bitcoin and other crypto-currencies within its borders.

The Central Bank governor Li Gang has declared at a press conference last month that the new currency will replace only a portion of the cash in circulation and the Executive VP of the China International Economic Exchange Centre confirmed that the Central Bank of China will issue its own digital currency called DCEP (Digital Currency Electronic Payment).

Max Keiser – a renowned specialist in Bitcoin and crypto-currencies considers DCEP will be tied to gold and thus will destroy USD supremacy.

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