Digital Currency, China is Going to Launch it Officially
The world’s first digital currency is set to be launched on a trial basis in the Chinese cities of Shenzhen, Suzhou, Chengdu, Beijing, and Xiaogang. No longer do the notes matter, China has acted in such a way as to threaten the US dollar monopoly.
Chinese state media say the May 2020 salary will pay in digitalcurrency in selected cities. The digitalcurrency will be available through a mobile phone app. Even before this, many private companies in China were using the digital currency facility, but they were not yet an alternative to the traditional currency. It should be noted that for the first time. The official digital currency should be used as an alternative to the traditional currency. Digital Currency Electronics Payments (DCEPs) will currently be used on a limited scale, according to the central bank of GNU.
There are basically three differences between cryptocurrencies, bitcoins, and DCEPs. Bitcoin mining is done from anywhere and is controlled by this qualifier. On the other hand, DCEP is created and controlled only by the government. Secondly, the basic technology of DCEP is different. The blockchain ledger controlled by the government and no one else authorized in the system. The third difference that DCEP will use as the current currency and will link to the entire economic system. According to China Daily, the Chinese-made currency DCEP use in trade by the US dollar. It’s considered a threat to the United States, which is being used by the United States as a weapon.
According to the newspaper, this independent digital currency is a practical alternative to the dollar-based trading system. Furthermore, no country or company faces threats such as sanctions.