China says its digital currency isn't about information control

Marco Green
November 14, 2019

"We know the demand from the general public is to keep anonymity by using paper money and coins ... we will give those people who demand it anonymity in their transactions", Mu said at the conference.

China's digital currency has divided opinion in crypto and blockchain circles.

The digital currency, officially-called Digital Currency Electronic Payment (DCEP), has been in the works for quite some time.

The PBOC had previously clarified that there is "no timetable" for the launch of its digital currency - in which research and testing had begun since 2014. As a whole, there have not been many details regarding the development and possible adoption of digital yuan. In the space of weeks, the Chinese President XI Jinping and an official from the Chinese national bank both spoke about the benefits of blockchain technology and how it was the next step in the financial revolution. The use of popular mobile payment operators such as WeChat Pay and Alipay requires extensive personal information, and until recently was only available to those with a Chinese bank account.

What sets it somewhat apart, however, is that the digital currency's design seemingly provides Beijing with unprecedented oversight over money flows, giving Chinese authorities a degree of control over their economy that most central banks do not have.

China has made a decision to call its cryptocurrency the Digital Currency Electronic Payment, which will be powered by blockchain technology and integrated into several digital wallets. However, according to proponents of the project, it would be helpful for the authorities to control some illegal activities that could be happening in the country, including gambling.

As previously reported by CasinoGamesPro, gambling is now illegal on the territory of mainland China. Under this program, online gambling operators' domains and services of other undesirable companies are now blocked in the country.

Other reports by Click Lancashire

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