China leads in race for digital currency

Tuesday, October 6, 2020 | Tag Cloud Tags: , , , ,

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(Worthy News) – Imagine going to the bank to take out cash, except without going to the bank and without the cash. If the Chinese central bank’s plan for a digital yuan succeeds, the future could look something like that for everyone.

Since early this year, China has gradually ratcheted up testing of its first central bank-backed digital currency, known there as DCEP, or “digital currency electronic payment.”

While other countries have made similar attempts to launch a digital sovereign currency, moves by the world’s second-largest economy hold a higher level of significance. [ Source: Deutche Welle (Read More…) ]

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