The executive vice president of the China International Economic Exchange Center, Huang Qifan, confirmed the People’s Bank of China (PBoC) will launch its own digital currency. Although that had already been said, today he ratified it by saying the name.
According to U.Today, even the PBoC, the Chinese central bank, has not confirmed the launch, but Qifan said the currency will be called Digital Currency Electronic Payment System (DCEP), or “electronic payment in digital currency.”
His statement at the Bund Financial Summit 2019 in Shanghai was just the latest in a series of similar statements coming from top political leadership, government officials, and think tanks with deep ties with the ruling CCP.
China’s DCEP: A Two-Tiered System
As BeInCrypto previously reported, DCEP will likely be implemented in a two-tiered system. One will connect the Chinese central bank with all commercial banks affiliated to it, while the second will bridge commercial banks with retail customers and institutions.
Huang said that the PBoC has been working on DCEP for five to six years now and he is fully confident that it is ever so close to being introduced in the country’s financial system.