China is all set to launch its own digital currency and by doing so, becoming the first country in the world to issue its Central Bank Digital Asset. The currency will be named DCEP (Digital Currency Electronic Payment), according to Huang Qifan, Executive Vice President of the China International Economic Exchange Centre. He also mentioned that People’s Bank of China (PBoC) has been working on rolling out the crypto currency for the past 5-6 years.
Although, things are apparently looking good for China’s first central bank digital asset but according to a report by U.Today, a source close to the Communist Party revealed that the new currency will not be launched anytime soon.
Source: Pro Pakistani