The development of a digital yuan, or DECP, has taken a great leap forward, according to the People’s Bank of China, the nation’s central bank. In a statement (in Chinese) Thursday, the bank said the “processes of top-level design, setting industry standards, developing potential functions and integration testing,” were “almost complete.”
The PBOC continues to push the DECP to the forefront of digital currency development, in part at least, because Beijing has viewed competing digital currencies as a threat to their financial security and their ability to control their capital account.
China regulatory authorities banned initial coin offerings in September 2017, triggering an immediate 6% drop in bitcoin prices and forcing cryptocurrencies underground.
China’s president has called for blockchain to become a focus of national innovation efforts, with more research and investment directed toward developing the technology. President Xi Jinping made the remarks about blockchain at an October 24, 2019, Politburo meeting.
China to Go All-In for Digital Yuan After Currency Markets Avoid Yuan https://t.co/ogXCuI8qNT— philip Lemmons (@philiplemmons) January 13, 2020