{"id":1893,"date":"2018-03-12T14:45:47","date_gmt":"2018-03-12T14:45:47","guid":{"rendered":"https:\/\/atozcrypto.org\/?p=1893"},"modified":"2018-03-12T14:57:58","modified_gmt":"2018-03-12T14:57:58","slug":"chinas-new-digital-currency-is-called-dcep-but-what-is-it","status":"publish","type":"post","link":"https:\/\/atozcrypto.org\/chinas-new-digital-currency-is-called-dcep-but-what-is-it\/","title":{"rendered":"China\u2019s New Digital Currency Is Called \u2018DCEP\u2019 \u2013 but What Is It?"},"content":{"rendered":"

\"\"<\/a><\/p>\n

China\u2019s much-anticipated digital-only currency concept is tentatively called \u201cDCEP\u201d for \u201cdigital currency electronic payment\u201d, said the People\u2019s Bank of China governor Zhou Xiaochuan in a media briefing this morning (local time). However he gave little other new information as to what form the DCEP would take \u2014 i.e. whether it would be a blockchain-based cryptocurrency, or simply a digital transferable token with no physical representation.<\/strong><\/p>\n

Bloomberg<\/em>\u00a0reported<\/a>\u00a0Zhou\u2019s speech was likely a swansong, as observers have expected him announce his retirement and possibly a preferred replacement for some time. China\u2019s National People\u2019s Congress will elect a new governor on March 19th.<\/p>\n

After speaking generally on where China\u2019s economy should go from here, Zhou faced several questions about the country\u2019s regulation of ICOs, bitcoin, and the central bank\u2019s own digital currency plans,\u00a0according to<\/a>\u00a0local cryptocurrency news service\u00a08BTC<\/em>.<\/p>\n

\"\"<\/a><\/p>\n

Zhou revealed the proposed digital currency will be called DCEP, but not much else. It could be based on new blockchain technology, distributed ledger technology, or something that already exists, said\u00a08BTC<\/em>. Essentially the study of digital currencies isn\u2019t to find new technical solutions for money, but how to make it easy for payments \u2014 convenience, rapidity, low-cost, secure, and with \u201cprivacy protections\u201d.<\/p>\n

However the PBOC has been researching the idea of a national blockchain-based cryptocurrency since 2014, and a year ago\u00a0announced<\/a>\u00a0it was running trials on such a platform.<\/p>\n

Bloomberg<\/em>\u00a0noted research into the digital-only currency is continuing steadily, and PBOC would start a pilot program once progress was made.<\/p>\n

\u201cDCEP\u201d is likely a working title anyway, just as Europe once had its \u201cECU<\/a>\u201d (European Currency Unit) that later evolved into the euro.<\/p>\n

\"\"<\/a><\/p>\n

No Surprises, but DCEP Shows China\u2019s Always Got Digital Currency on Its Mind<\/h2>\n

Reactions from commenters in the invite-only crypto WeChat group \u201cChinaPowWow\u201d were mixed, with some praising China\u2019s speed at moving ahead with its plans, and others saying there was nothing surprising about today\u2019s news.<\/p>\n

Zhou didn\u2019t indicate any change of direction for China\u2019s policy on other digital assets, including cryptocurrencies and ICOs. He did say supervision of the industry was \u201cdynamic\u201d with no certain regulatory policy, but also mentioned the oft-repeated central bank concerns about stability, consumer protection and investor risk from excessive speculation.<\/p>\n

70 year old Zhou, who has held the PBOC governor\u2019s position for a record 15 years, is generally regarded as a reformer who wishes to see China\u2019s economy open further. In the time he\u2019s been in the job China has moved from the world\u2019s #6 economy to second position, though reports say its leaders are now looking for more stable and steady growth, and have similar desires for the national currency, the renminbi (RMB or CNY).<\/p>\n

\"\"<\/p>\n

Comment: Don\u2019t Get Excited About National Cryptocurrencies Anyway<\/h2>\n

Though the prospect of national cryptocurrencies often excites industry media in this space, there\u2019s little for its long-time fans to cheer for, other than the chance to examine the technology used. The inherent promises of Bitcoin and its imitators include its decentralized, non-governmental nature.<\/p>\n

No national digital currency, crypto- or otherwise, can satisfy these needs \u2014 it would remain centrally-controlled, its users trackable and subject to usage restrictions, with a value based on the same market conditions that determine countries\u2019 existing fiat currencies.<\/p>\n

A blockchain-based cryptocurrency could potentially have a supply cap like bitcoin, pleasing\u00a0the \u201csound money\u201d crowd<\/a>\u00a0\u2014 but then it might not. No government is likely to permit its national currency to be open-source or its code determined by third-party miners.\"\"<\/a><\/p>\n

In any case, most of the world\u2019s major fiat currencies are over 90 percent digital in supply today anyway. China\u2019s existing national currency isn\u2019t tradable internationally and doesn\u2019t have a free-floating value. Whatever technology countries use for currencies and commerce, little on the policy side is likely to change dramatically in the coming years, absent an economic crisis or other \u201cblack swan\u201d event that forces it.<\/p>\n

Do you think China\u2019s DCEP or digital currency plans are anything special? Let\u2019s hear your thoughts.<\/strong><\/em><\/p>\n

SOURCE:\u00a0bitsonline.com<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

China\u2019s much-anticipated digital-only currency concept is tentatively called \u201cDCEP\u201d for \u201cdigital currency electronic payment\u201d, said the People\u2019s Bank of China governor Zhou Xiaochuan in a media briefing this morning (local time). However he gave little other new information as to what form the DCEP would take \u2014 i.e. whether it would be a blockchain-based cryptocurrency, …<\/p>\n","protected":false},"author":1,"featured_media":1901,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"pgc_meta":"","_bbp_topic_count":0,"_bbp_reply_count":0,"_bbp_total_topic_count":0,"_bbp_total_reply_count":0,"_bbp_voice_count":0,"_bbp_anonymous_reply_count":0,"_bbp_topic_count_hidden":0,"_bbp_reply_count_hidden":0,"_bbp_forum_subforum_count":0,"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[17,15],"tags":[],"aioseo_notices":[],"yoast_head":"\nChina\u2019s New Digital Currency Is Called \u2018DCEP\u2019 \u2013 but What Is It? - AtoZcrypto<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/atozcrypto.org\/chinas-new-digital-currency-is-called-dcep-but-what-is-it\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"China\u2019s New Digital Currency Is Called \u2018DCEP\u2019 \u2013 but What Is It? - AtoZcrypto\" \/>\n<meta property=\"og:description\" content=\"China\u2019s much-anticipated digital-only currency concept is tentatively called \u201cDCEP\u201d for \u201cdigital currency electronic payment\u201d, said the People\u2019s Bank of China governor Zhou Xiaochuan in a media briefing this morning (local time). However he gave little other new information as to what form the DCEP would take \u2014 i.e. whether it would be a blockchain-based cryptocurrency, …\" \/>\n<meta property=\"og:url\" content=\"https:\/\/atozcrypto.org\/chinas-new-digital-currency-is-called-dcep-but-what-is-it\/\" \/>\n<meta property=\"og:site_name\" content=\"AtoZcrypto\" \/>\n<meta property=\"article:published_time\" content=\"2018-03-12T14:45:47+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2018-03-12T14:57:58+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/atozcrypto.org\/wp-content\/uploads\/2018\/03\/zhou-1.png\" \/>\n\t<meta property=\"og:image:width\" content=\"912\" \/>\n\t<meta property=\"og:image:height\" content=\"512\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"AtoZcrypto\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"AtoZcrypto\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/atozcrypto.org\/chinas-new-digital-currency-is-called-dcep-but-what-is-it\/\",\"url\":\"https:\/\/atozcrypto.org\/chinas-new-digital-currency-is-called-dcep-but-what-is-it\/\",\"name\":\"China\u2019s New Digital Currency Is Called \u2018DCEP\u2019 \u2013 but What Is It? - AtoZcrypto\",\"isPartOf\":{\"@id\":\"https:\/\/atozcrypto.org\/#website\"},\"datePublished\":\"2018-03-12T14:45:47+00:00\",\"dateModified\":\"2018-03-12T14:57:58+00:00\",\"author\":{\"@id\":\"https:\/\/atozcrypto.org\/#\/schema\/person\/4385199dcdeec6bd69b0fb4158673b0b\"},\"breadcrumb\":{\"@id\":\"https:\/\/atozcrypto.org\/chinas-new-digital-currency-is-called-dcep-but-what-is-it\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/atozcrypto.org\/chinas-new-digital-currency-is-called-dcep-but-what-is-it\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/atozcrypto.org\/chinas-new-digital-currency-is-called-dcep-but-what-is-it\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/atozcrypto.org\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"China\u2019s New Digital Currency Is Called \u2018DCEP\u2019 \u2013 but What Is It?\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/atozcrypto.org\/#website\",\"url\":\"https:\/\/atozcrypto.org\/\",\"name\":\"AtoZcrypto\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/atozcrypto.org\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/atozcrypto.org\/#\/schema\/person\/4385199dcdeec6bd69b0fb4158673b0b\",\"name\":\"AtoZcrypto\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/atozcrypto.org\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/e2c8254f59dd013c234edbb46471dfe8?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/e2c8254f59dd013c234edbb46471dfe8?s=96&d=mm&r=g\",\"caption\":\"AtoZcrypto\"}}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"China\u2019s New Digital Currency Is Called \u2018DCEP\u2019 \u2013 but What Is It? - AtoZcrypto","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/atozcrypto.org\/chinas-new-digital-currency-is-called-dcep-but-what-is-it\/","og_locale":"en_US","og_type":"article","og_title":"China\u2019s New Digital Currency Is Called \u2018DCEP\u2019 \u2013 but What Is It? - AtoZcrypto","og_description":"China\u2019s much-anticipated digital-only currency concept is tentatively called \u201cDCEP\u201d for \u201cdigital currency electronic payment\u201d, said the People\u2019s Bank of China governor Zhou Xiaochuan in a media briefing this morning (local time). However he gave little other new information as to what form the DCEP would take \u2014 i.e. whether it would be a blockchain-based cryptocurrency, …","og_url":"https:\/\/atozcrypto.org\/chinas-new-digital-currency-is-called-dcep-but-what-is-it\/","og_site_name":"AtoZcrypto","article_published_time":"2018-03-12T14:45:47+00:00","article_modified_time":"2018-03-12T14:57:58+00:00","og_image":[{"width":912,"height":512,"url":"https:\/\/atozcrypto.org\/wp-content\/uploads\/2018\/03\/zhou-1.png","type":"image\/png"}],"author":"AtoZcrypto","twitter_card":"summary_large_image","twitter_misc":{"Written by":"AtoZcrypto","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/atozcrypto.org\/chinas-new-digital-currency-is-called-dcep-but-what-is-it\/","url":"https:\/\/atozcrypto.org\/chinas-new-digital-currency-is-called-dcep-but-what-is-it\/","name":"China\u2019s New Digital Currency Is Called \u2018DCEP\u2019 \u2013 but What Is It? - AtoZcrypto","isPartOf":{"@id":"https:\/\/atozcrypto.org\/#website"},"datePublished":"2018-03-12T14:45:47+00:00","dateModified":"2018-03-12T14:57:58+00:00","author":{"@id":"https:\/\/atozcrypto.org\/#\/schema\/person\/4385199dcdeec6bd69b0fb4158673b0b"},"breadcrumb":{"@id":"https:\/\/atozcrypto.org\/chinas-new-digital-currency-is-called-dcep-but-what-is-it\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/atozcrypto.org\/chinas-new-digital-currency-is-called-dcep-but-what-is-it\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/atozcrypto.org\/chinas-new-digital-currency-is-called-dcep-but-what-is-it\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/atozcrypto.org\/"},{"@type":"ListItem","position":2,"name":"China\u2019s New Digital Currency Is Called \u2018DCEP\u2019 \u2013 but What Is It?"}]},{"@type":"WebSite","@id":"https:\/\/atozcrypto.org\/#website","url":"https:\/\/atozcrypto.org\/","name":"AtoZcrypto","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/atozcrypto.org\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/atozcrypto.org\/#\/schema\/person\/4385199dcdeec6bd69b0fb4158673b0b","name":"AtoZcrypto","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/atozcrypto.org\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/e2c8254f59dd013c234edbb46471dfe8?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/e2c8254f59dd013c234edbb46471dfe8?s=96&d=mm&r=g","caption":"AtoZcrypto"}}]}},"post_mailing_queue_ids":[],"_links":{"self":[{"href":"https:\/\/atozcrypto.org\/wp-json\/wp\/v2\/posts\/1893"}],"collection":[{"href":"https:\/\/atozcrypto.org\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/atozcrypto.org\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/atozcrypto.org\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/atozcrypto.org\/wp-json\/wp\/v2\/comments?post=1893"}],"version-history":[{"count":4,"href":"https:\/\/atozcrypto.org\/wp-json\/wp\/v2\/posts\/1893\/revisions"}],"predecessor-version":[{"id":1904,"href":"https:\/\/atozcrypto.org\/wp-json\/wp\/v2\/posts\/1893\/revisions\/1904"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/atozcrypto.org\/wp-json\/wp\/v2\/media\/1901"}],"wp:attachment":[{"href":"https:\/\/atozcrypto.org\/wp-json\/wp\/v2\/media?parent=1893"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/atozcrypto.org\/wp-json\/wp\/v2\/categories?post=1893"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/atozcrypto.org\/wp-json\/wp\/v2\/tags?post=1893"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}