Showing posts with label chinese cryptocurrency. Show all posts
Showing posts with label chinese cryptocurrency. Show all posts

100,000 Chinese Citizens Just Begun Testing The Government's Official New Cryptocurrency....

 national chinese cryptocurrency
100,000 inhabitants of the city of Shenzhen, in China, received 200 digital yuan (e-CNY) each, which is about $30 US, and will be able to spend them in more than 3,000 retail stores, among which are large international chains such as Walmart.

Citizens had to apply online to win a raffle style contest to receive the digital funds - now they must spend it between February 1 and 9, 2021. After February 9, the Government takes back anything that was not spent.

Currently some options are unavailable, for example users will not be able to make transfers between each other, a feature that will be allowed when the coin is officially launched.

The Chinese government's plan is for the digital currency to be fully operational for use during the next  Olympics, which will take place in Beijing in 2022.

An official digital currency also brings a with it a new level of surveillance powers by the government over it's citizens - this is one of many recent steps towards expanded control.  

Author: Adam Lee
Asia News Desk 

Chinese Government's Official National Cryptocurrency: How It Will Work....

Earlier this year China started a closed trial of their new entirely digital currency, DCEP (Digital Currency Electronic Payment)

Linked to the Yuan, the DCEP is China's attempt to broaden it's influence and limit the proliferation of cryptocurrencies. In this video, we explain the DCEP, the pros and cons and why China wants to implement it so badly.

Video Courtesy of TLDR News UK