Every Tuesday and Thursday, Inkstone Explains unravels the ideas and context behind the headlines to help you understand news about China.
The Chinese government has started large-scale testing of its digital currency, bringing Beijing a step closer to taking greater control over the country’s financial system – everything that a decentralized cryptocurrency like bitcoin was built to avoid.
What is China’s digital currency?
China’s sovereign digital currency program is officially called the Digital Currency Electronic Payment (DCEP).
The plan is not to create a new currency, but to replace part of the notes and coins in circulation with a digital version of the yuan.
The currency will be i
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Aug 13, 2020