RATE Group | China Ready To Release DCEP, The First State-Owned Cryptocurrency
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China Ready To Release DCEP, The First State-Owned Cryptocurrency

20 Nov China Ready To Release DCEP, The First State-Owned Cryptocurrency

Posted at 11:45h in Cryptocurrency News by

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For the first time in its history, China will have its first state-backed cryptocurrency. This is the first cryptocurrency of this kind and it has been announced by the People’s Bank of China. The currency’s name is “Digital Currency Electronic Payment” (DCEP) and it will be released soon. This currency has been released as a measure for preventing illegal online gambling and taking control of illegal markets.
Thanks to DCEP, Chinese authorities will now be able to track suspect payments. This will help the country to successfully combat money laundering, terrorist financing, online gambling, and tax evasion.

Mu Changchun, the head of the digital currency research institute of People’s Bank of China is confident that this currency will provide anonymity to its users, yet it will not keep the authorities “in the dark.”

He stated:

⭐ ⭐

“We know the demand from the general public…

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