Will everyone use China's digital currency at some point?

China is launching a state-of-the-art digital payment system called DCEP. This is called the emergence of new energy in the world of cryptocurrency.
Many people say that one day everyone in the world will use this DCEP. Cryptocurrency is a type of digital currency; Which can be made out of the control of the government of any country or the central bank, can also be used.
Many people know about the digital currency called Bitcoin. It started in 2014 from a secret place in western China, created by a Chinese entrepreneur named Chandler Guo.
He thought that Bitcoin would one day change the world, remove the dollar and become the main currency of the world.
The way digital currency is made
It takes a lot of computers to make bitcoin, it consumes a lot of electricity. Chandler Guo used the hydroelectric plant for this, and his partner was a local Chinese government official.
The machines were capable of producing 30 percent of all bitcoin in the world - called mining. But Bitcoin maker Chandler Guo is now seeing the rise of a new force.
That is a digital payment system made by the Chinese state. Its name is Digital Currency Electronic Payment or DCEP. That is to say, it is a digital version of the Chinese currency, the yuan.
Guo said the DCEP will one day become the world's leading currency. One day everyone in the world will use DCEP.
For that reason, the way DCEP will succeed
Guo said it would succeed. Because a lot of Chinese people now live outside of China. According to one estimate, 39 million Chinese now live abroad. If these people have contact with China, they will use this DCEP and turn this currency into an international currency.
Many are questioning how successful it will actually be, and there is another concern that China might use it to monitor the country's citizens.
This is how DCEP works
DCEP uses a technology similar to Bitcoin; Which is called blockchain. It is a kind of digital ledger. Which is used to verify transactions.
Blockchain keeps a record of all transactions made on that network. Users also play a role in verifying new transactions.
If users want to pay each other over their phones - they don't have to go to the bank.
China plans to launch DCEP later this year. But China's central bank has not yet announced a specific date.
Earlier this year, digital currency trials began in selected cities in China.
When fully activated, users will be able to attach a downloaded electronic wallet to their bank card, which will allow them to transact and transfer money.
China's central bank is now under pressure to speed up the process of launching this digital currency. Because they don't want Facebook's Libra to become the world's leading digital currency.
China is trying to compete with the dollar
Observers say China is trying to convert the yuan into an international currency - so that it can compete with the dollar.
The United States has built the current global economy and the tools to run it. China thinks that if some other countries use Chinese currency, they can break the dominance of the United States. A Chinese cryptocurrency observer with a bitful name (he is reluctant to reveal his real name) agreed.
He thinks that cryptocurrency is the future of currency. According to some observers like him, China is already far ahead of the United States in this fight for future control.
China's digital payment system is now considered to be the most advanced in the world. The country is now on the verge of becoming a cashless society.
In 2019, four out of every five transactions in China were through WeChat-Pay or Alibaba's Alip.
What is Facebook doing?
Facebook has now made many cuts to their digital currency Libra plan. They are planning to launch an e-wallet called Novi. It will also be available on Messenger and WhatsApp later this year.
Linhao Bao thinks that China and Facebook have a bitter rivalry over Libra.
One difference, however, is that DCEP is state-controlled, and Bitcoin or Ethereum is out of state control.
That's why Hong Kong cryptocurrency expert Stuart McKenzie said DCEP is the opposite of bitcoin. Because the ultimate goal of cryptocurrency is to separate money from the state.
"That's why I trust Bitcoin more," Bitful said. Because it's mine.
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