The worldwide digital currency race has begun and China seems to be at the forefront of this race
Worldwide Digital Currency Race, China Leads
The worldwide digital currency race has begun and China seems to be at the forefront of this race. China’s central bank has begun preparations to introduce the world’s first large, independent digital currency. According to media reports, today’s man goes to the bank to deposit cash or withdraw money, but imagine being empty of future banknotes. Will If China’s central bank’s digital yuan plan succeeds, the idea will become a reality. Since the beginning of this year, China has been gradually scrutinizing the central bank-backed digital currency. China has dubbed it DCEP (Digital Currency Electronic Payment). Many other countries are also preparing to introduce their digital currencies, but China, the world’s second largest economy, is at the forefront. ۔ Kendler Ga, a millionaire and supporter of the digital currency bitcoin, told a BBC program in August that everyone would be using DCEP in the future.
The Chinese people will also be able to use DCEP in a month, while the People’s Bank of China wants to use this digital currency in the 2222 Olympics. If successful, the plan would eliminate both digital yuan notes and online payments such as PayPal. According to experts, China will thus be in a position to challenge US dominance in the world. The value of bitcoins, light coins or other digital currencies currently on the market fluctuates sharply, but the value of the Chinese digital currency The value of the yuan will remain the same. That is, the DCEP coin will be a stable currency. Like the yuan, this digital coin belongs to China. The central bank will issue. But unlike the yuan, the Chinese government will be able to track every digital coin where it is now. Chinese commercial banks will distribute DCEPs to their customers. Users will be able to download this digital currency from their bank accounts to their digital wallets or currency apps or transfer it from their ATMs to digital accounts. Will be able to pay at the push of a button Thus, the role of third parties like Ali Pay or PayPal in terms of payments will be eliminated.
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