China’s digital Currency Set to Challenge US Dollar in Global Popularity

The digital currency dubbed Digital Currency Electronic Payment (DCEP) that is supported by China’s central bank is projected to challenge the dollar in global popularity. Preliminary reports indicate that the virtual cash will help the relevant authorities to have greater control of cash flows.

The Chinese digital yuan will be used to simulate various banking transactions like receiving deposits, payments and withdrawal from the digital wallet.

Before the official inception of the cryptocurrency, China had launched a second trial of electronic cash that saw the distribution of over $3 million, through lottery, among 100,000 natives living in Shenzhen. The number of participants in the second trial was almost double than the initial one.

China Daily reported that Beijing was to distribute 10 million yuan, where each winner will bag 200 yuan, via a lucky draw ahead of the Chinese New Year break. China plans to distribute $1.5 million in Lunar new year for digital currency test.

DCEP has been under development for more than five years and is distinct from other cryptocurrencies because it’s a legal tender and centralized by the Chinese authorities. The digital currency will enable Chinese authorities to make better decisions basing on the monitored cash flows.

The digital yuan has received the backing of Chinese tech giants like Tencent Holdings Limited’s WeChat and Alibaba Group Holding Limited’s Alipay.

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