China, where, despite a massive population, third-party mobile payments penetrate every aspect of daily exchange, is leading the race in another form of development, namely the drive towards a central bank digital currency.
A People’s Bank of China-backed (PBoC) digital currency, known as the Digital Currency Electronic Payment (DCEP), was put into trial use at the beginning of 2020 as a product of research that was first disclosed in 2014. The bank’s project is not trivial here: it wants to replace cash with its ‘digital yuan’ in the long term, and it is building a stellar payment infrastructure to support that plan.
Continue read: https://equalocean.com/financial/20200612-beyond-the-cashless-society-chinese-prof-explain-central-bank-digital-currency
