How the digital yuan stablecoin impacts crypto in China: Experts answer
Cointelegraph
Published Apr 10, 2021 07:24AM ET
Updated Apr 11, 2021 09:20AM ET
This is part one of a multipart series on blockchain and crypto in China.
China has been discussing the possibilities of national digital currency for half a decade, and the Chinese digital yuan project — referred to as the Digital Currency Electronic Payment, or DCEP — has years of history. Back in 2014, the People’s Bank of China set up a research group “to study digital currencies and application scenarios.” The research team was conducting a digital currency study and reportedly considering issuing its own digital currency. In 2016, the PBoC announced plans to develop a digital currency of its own and started to hire blockchain experts. The same year, China’s State Council included blockchain technology in its 13th Five-Year Plan.
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Written By: Cointelegraph
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