{"id":10100,"date":"2019-11-08T14:10:11","date_gmt":"2019-11-08T14:10:11","guid":{"rendered":"https:\/\/www.legitgambling.com\/news\/?p=10100"},"modified":"2019-11-08T14:10:11","modified_gmt":"2019-11-08T14:10:11","slug":"china-set-to-launch-its-own-digital-currency-and-combat-libra","status":"publish","type":"post","link":"https:\/\/www.legitgambling.com\/news\/china-set-to-launch-its-own-digital-currency-and-combat-libra\/","title":{"rendered":"China Set To Launch Its Own Digital Currency & Combat Libra"},"content":{"rendered":"

\"\"Though Libra is dominating the headlines<\/a> as a global digital currency project, the Chinese government is planning to release its own cryptocurrency<\/a>. Called the Digital Currency Electronic Payment (DCEP) project<\/em>, it will be partially run using blockchain technology. Mu Changchun<\/strong>, who heads the digital currency research institute at the People\u2019s Bank of China, says that it will create a race among commercial banks as they seek to provide the best services for the currency.<\/p>\n

The Chinese government is already planning a roll out, which makes it the first country in the world to have a digitized domestic currency. This project will have the interest of many financial services and governments who will be interested to see the results. <\/p>\n

The People\u2019s Bank of China plans to use a two step roll-out plan to release the digital currency. The plan is to first issue it to commercial banks and other institutions. They will then resend the digital currency to the general public.<\/p>\n

CNA<\/strong><\/p>\n

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