China is all set to launch its digital currency, and in doing so, the Central Bank has become the world's first country to issue digital assets.
The currency will be named DCEP (Digital Currency Electronic Payment), according to Huang Kaifan, executive vice president of China International Economic Exchange Center.
Caffeine inaugurated the announcement at a closed summit, which takes place from October 27 to 29. They also revealed that the People's Bank of China (PBOC) has been working to eliminate cryptocurrency for the past 6-years.
The China Finance 40 Forum tweeted, "DCEP can collect real-time data on money supply, useful reference for monetary policy implementation, money creation, bookkeeping and more."
Earlier, Chinese President Xi Jinping embraced blockchain technology in a public statement, saying China should adopt emerging blockchain technology.
Things are looking suitable for China's first central bank digital asset as the 13th National People's Congress has also voted for a confidentiality law, which will go into effect January 1, 2020.
How, according to a U. Today report, sources close to the Communist Party have revealed that the new currency will not be launched any time soon. The report adds that if the state-backed digital currency is launched, China's local payment methods, such as WeChat and Alipay, will have a difficult time.