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China digital currency
EconomyChina Economy

11 things you may not know about China’s digital currency

  • China was the first major economy to begin exploring its own digital currency in 2014, though it is yet to launch the proposed digital yuan
  • Unlike cryptocurrencies such as bitcoin, which are not centrally controlled, China’s “sovereign” digital coin would fall under the authority of the People’s Bank of China

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11 things you may not know about China’s digital currency
SCMP Reporters

1. What is China’s sovereign digital currency?

The so-called Digital Currency Electronic Payment (DCEP), has yet to launched in 2020. Learn more
Alibaba’s Alipay and Tencent’s WeChat Pay are already popular payment methods in China. Photo: EPA
Alibaba’s Alipay and Tencent’s WeChat Pay are already popular payment methods in China. Photo: EPA
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2. Which central bank will launch world’s first digital currency?

China has made rapid progress while other nations are also at various stages of research and development. Learn more
A number of central banks are at various stages in creating and testing sovereign digital currencies. Image: SCMP Graphics
A number of central banks are at various stages in creating and testing sovereign digital currencies. Image: SCMP Graphics

3. Are there data and privacy protection concerns?

China’s central bank is trying to allay privacy worries by promising “controllable anonymity”. Learn more
Mu Changchun, from the People’s Bank of China, says the nation’s digital currency will feature “controllable anonymity’” Photo: Handout
Mu Changchun, from the People’s Bank of China, says the nation’s digital currency will feature “controllable anonymity’” Photo: Handout
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4. What does China’s SWIFT joint venture mean for its digital currency?

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