It seems that the talk about China’s central bank digital currency (DCEP) is beginning to heat up. The project has taken off from a theoretical plan to practical execution in just a few months, putting China at the head of the race to launch a digital national currency.
Aside from giving the country the obvious advantage of being early to the phenomenon of digitizing fiat currencies, DCEP will also have an incredibly positive effect on China’s economy. According to a report from Yicai, China’s DCEP is expected to accelerate the “internal cycle” of the country’s economy. For years, the country has been trying to implement a more circular economy, both in order to maximize growth and decrease its dependence on other countries. Introducing DCEP will allow the country to maintain a unique and scarce configuration of its economy “for a long time,” the publication wrote earlier this week. With the ongoing COVID-19 pandemic, the “outer circle” of the global economy has been significantly obstructed—an unfortunate occurrence that emphasizes the importance of countries having a self-relying economy.
Continue read: https://news.8btc.com/chinas-central-bank-digital-currency-dcep-will-accelerate-the-economy
