What is the new Chinese Cryptocurrency?

the digital yuan
What is the digital yuan? The digital yuan, also called e-CNY, e-Yuan, digital RMB, Yuan Cryptocurrency, or Digital Currency Electronic Payment (DCEP) is the virtual form of Chinese renminbi issued by the People’s Bank of China.

What Cryptocurrency is most popular in China?

Bitcoin
The clampdown in China comes as the country’s central bank has been testing its own digital currency, the electronic Chinese yuan. A notice posted by the central bank explicitly called out Bitcoin and Ether, the two most popular cryptocurrencies, for being issued by “non-monetary authorities.”

What if China launches a cryptocurrency first?

Analysts and crypto industry leaders are highlighting geopolitical implications of China launching a digital currency first — especially if libra hits a brick wall with U.S. regulators. “China has been incredibly strategic about how they think about cryptocurrency,” Brad Garlinghouse, CEO of Ripple, told CNBC in a phone interview.

Will China’s new digital currency be backed by the Yuan?

The People’s Bank of China announced earlier this year that it was working on a digital currency backed by the yuan, reportedly inspired by Facebook’s announcement. Analysts and crypto industry leaders are highlighting geopolitical implications of China launching a digital currency first — especially if libra hits a brick wall with U.S. regulators.

Will China’s DCEP become the world’s new currency?

It’s really a digital version of China’s official currency, the yuan, and Mr Guo feels DCEP will become the dominant global currency. “One day everyone in the world will be using DCEP,” he says. “DCEP will be successful because there are a lot of Chinese people living outside of China – there are 39 million Chinese living outside of the country.

Is cryptocurrency the next global superpower tension?

Cryptocurrency would add to a long list of existing tensions between the global superpowers. The U.S. and China are locked in a stalemate on trade, and a battle for dominance in 5G, the mobile network promising faster data speeds.