“One day everyone in the world will use DCEP,” Chandler Guo, a Bitcoin miner in China, told the BBC.
Digital Currency Electronic Payment, or “DCEP”, is China’s digital currency, which is now being tested in test programs in Suzhou, Shenzhen, Chengdu, Xiongan and the venues of the 2022 Winter Olympics. China will almost certainly be the first country to introduce a digital currency.
For decades, Beijing has dreamed of replacing the US dollar as the world’s reserve currency. Unfortunately for the Chinese communists, the digital yuan will not help them much. Moreover, it could even set China back on crucial points.
Why is Guo so optimistic? He believes that the overseas Chinese – 39 million of them according to his count – will use it. “They can make the DCEP an international currency,” says Guo.
Victor Shih, the oft-quoted researcher at the University of California, San Diego, points out that the digital yuan could be woven into applications such as TikTok, the extremely popular video sharing platform, or into video games.