How to Buy, Use, and Trade China’s Digital Yuan? 2020-21 Description video: Buy Digital Yuan – https://digitalyuan-pay.com/\n\nCryptoyuan: what is DCEP, why China needs cryptocurrency, at what price and how to buy.\n\nThe Bank for International Settlements (BIS) recently released a report […]
How to Buy, Use, and Trade China’s Digital Yuan? 2020-21
Buy Digital Yuan – https://digitalyuan-pay.com/\n\nCryptoyuan: what is DCEP, why China needs cryptocurrency, at what price and how to buy.\n\nThe Bank for International Settlements (BIS) recently released a report in which it recommends that all countries around the world create their own electronic money – CBDC (Central Bank Digital Currency) to replace cash payments. China has already done this. The world’s first launch of a digital national currency took place. The new Chinese cryptocurrency does not yet have its own name. The Chinese authorities still use the abbreviation DCEP (DC / EP – Digital Currency Electronic Payment) or call it Crypto Yuan. This cryptocurrency is blockchain based. The technology was developed and patented by the People’s Bank of China (PBC or PBOC) at its research institute. Development has been underway since 2014. China’s CBDC is based on BSN – China Blockchain Service Network.\n\nBuy digital yuan – https://digitalyuan-pay.com/\n\nWhy does China need its own cryptocurrency?\n\nAccording to Yi Gang, Governor of the Central Bank of China (also known as the People’s Bank), the crypto yuan is needed to replace some of the Chinese money supply, primarily cash. At the same time, deposits and account balances will not be affected yet. The new digital yuan as a means of payment is targeted at the retail and service sector in China’s domestic market.\nIn the future, it is planned to oust US dollars from the digital payments market with the help of Crypto Yuan and undermine the dominance of the American currency or even replace it with the new main world currency – Digital Yuan. All of this is part of China’s grand strategy to lead the digital transformation of the global economy.\n\nThe next Beijing Winter Olympics, scheduled for 2022, will help popularize the DCEP cryptocurrency.\n\nBuy digital yuan – https://digitalyuan-pay.com/\n\nAlready today, many Chinese people, especially young people, do not use wallets and cash. Payments are made through Alipay and WeChat Pay. The digitalization of Chinese society is the highest in the world. Thus, the prospect of a complete displacement of cash with the DCEP cryptocurrency looks quite real in a few years.\n\nBuy digital yuan – https://digitalyuan-pay.com/\n\nWhat is DCEP price and where can I pay?\n\nSo far, DCEP is only available in China, and the rate is very simple: 1 to 1. That is, for 1 fiat (regular) yuan, they give 1 digital yuan. And this course is unlikely to ever change.\n\nEssentially, the crypto-yuan is a stablecoin with everything it implies. Such a powerful stablecoin, with the support of the Second World Economy, has every chance to oust the others and, by the right of the first, become the only representative of the stable cryptocurrency of the son-in-law. However, it is still difficult to predict anything, because the European Union, Russia and the United States are already developing their national CBDC cryptocurrencies. Until then, everyone has a chance to catch up with China if they hurry.\n\nThe first cities to introduce China’s new cryptocurrency are:\n\nShenzhen (Guangdong, South China)\nSuzhou (eastern part of Jiangsu)\nChengdu (capital of Sichuan province)\nXiong’an New District (North China)\nIn Xiangcheng District (one of the Suzhou districts), the government starts paying half of Digital Yuan’s transportation subsidies to civil servants. These funds will be available in a special application, they can be spent in a number of test launch partner stores or simply transferred to an account.\n\nHow and where to buy crypto-yuan? – https://digitalyuan-pay.com/\n\nThe crypto yuan DCEP application has already been released. Currently only available to residents of China. The application allows you to make settlements and exchange digital currency, pay and receive payments using QR codes, and even make transfers in the absence of the Internet – via the NFC interface between phones based on Touch-to-Pay. Apparently, such offline Chinese digital money transactions will be synchronized with the system on the next Internet session.\nBy the way, the system itself is centralized. Built on two main levels:\n\nAt the first level, the Central Bank of China controls emissions and works with commercial banks.\nAt the second level, commercial banks organize the circulation of crypto-yuan with organizations and individuals.
As part of testing the digital yuan, the Chinese will be given a $ 1.5 million cryptocurrency
During the Chinese Lunar New Year, the Chinese government plans to distribute $ 1.5 million during the next stage of testing its own digital currency.
Over the weekend, the Beijing authorities announced that the Chinese capital will provide about $ 1.5 million as part of a trial launch of the central bank’s digital currency..
This is the third major test of the digital currency being developed by the People’s Bank of China. In the past few months, similar experiments have been carried out in the cities of Shenzhen and Suzhou..
During the testing, 50,000 Beijing residents will be selected from among the applicants, each of whom will receive 200 yuan in digital currency, or about $ 30. Recipients can spend money at designated offline stores or on sections of e-commerce giant JD.com’s site during the upcoming Lunar New Years.
Vouchers will be valid from 10 to 17 February. The digital currency test is only open to those with a Chinese identification number or residence permit in Hong Kong, Macau or Taiwan.
The People’s Bank of China is developing a digital currency that is expected to work similarly to transactions through existing payment applications. Mobile payment, primarily through Alibaba-affiliated Alipay and Tencent’s Wechat Pay, have replaced cash as the predominant form of consumer payments in China over the past few years..
Unlike well-known digital currencies such as Bitcoin, the currency developed by the central bank of China is controlled by a central authority and is not a decentralized system governed by users around the world..