DCEP, the cryptocurrency owned by the People’s Bank of China, is very close to being launched. Chandler Guo, who contributed significantly to the creation of this cryptocurrency, thinks DCEP will become an international cryptocurrency. DCEP, which is currently used in certain parts of China, will be used throughout the country in the future.
Although Bitcoin has a generally bumpy market, it has not lost anything from its popularity. Bitcoin, which eliminates all additional fees in the banking system, is also highly regarded by various governments. In this context, China continues to work with its own crypto currency.
In fact, the Chinese government did not directly start the crypto money venture. An investor named Chandler Guo sets out to mine his own Bitcoin. In the process, Guo, who started to meet the energy he needs from a hydroelectric power plant by coming together with the local government, today manages 30 percent of Bitcoin mining in the world alone. This entrepreneurial spirit also attracts the attention of the Chinese government. The official cryptocurrency of China, DCEP, comes out.
Guo: One day the whole world will use China’s cryptocurrency DCEP
DCEP is the digital version of the yuan, China’s official currency. The digital currency owned by the People’s Bank of China excites Guo too. Making a statement about DCEP, Guo says that this crypto money can one day be used anywhere in the world. According to Guo, he believes that around 39 million Chinese living outside of China can convert DCEP into international cryptocurrency.
China’s cryptocurrency takes advantage of blockchain technology. This removes the need for banks or central governments. However, some people do not trust this cryptocurrency sufficiently due to the political nature of China. According to these segments, the Chinese government can track users through DCEP. It is almost impossible for consumers to realize this situation.
DCEP has been used in certain locations in China for some time. However, the People’s Bank of China continues its efforts to make this cryptocurrency available throughout the country. Although there is no official calendar on the subject, experts say the People’s Bank of China is under great pressure, so it will be quick. The main reason for this pressure is the cryptocurrency called Libra, which Facebook is known to work on.
Bitcoin’s future remains controversial. While some say that blockchain technology is very important for consumers, others think that the perception of the government and central bank will decrease with this technology. However, no matter what, cryptocurrencies are becoming more common and many countries, especially China, are trying to take various steps by paying attention to this issue.