RATE Group | China’s Bitcoin-like cryptocurrency enters race days after Facebook’s Libra fails to fly
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China’s Bitcoin-like cryptocurrency enters race days after Facebook’s Libra fails to fly

24 May China’s Bitcoin-like cryptocurrency enters race days after Facebook’s Libra fails to fly

Posted at 21:48h in Cryptocurrency News by

Days after Facebook-backed Libra scaled down its ambitions to become a global currency, China is now inching ahead in the race. (Image: Reuters)

China’s central bank has started testing its official Bitcoin-like digital currency DCEP, and the bank is now planning to roll out the virtual money payment system soon. Days after Facebook-backed Libra scaled down its ambitions to become a global currency, China is now inching ahead in the race. Digital Currency Research Institute of the People’s Bank of China (PBC) said that the research and development work of China’s official digital currency DCEP is proceeding steadily, PTI reported. China is currently carrying out internal pilot tests for the cryptocurrency in four cities. However, the cryptocurrency has not been officially launched yet, state media reported.

Trial runs for DCEP will be piloted in a small range of banks and end users. After that, it will be spread to a wider range with certain improvement in technology and…

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