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How the digital yuan stablecoin impacts crypto in China: Experts answer

Published 04/10/2021, 07:24 AM
Updated 04/11/2021, 09:20 AM
How the digital yuan stablecoin impacts crypto in China: Experts answer

How the digital yuan stablecoin impacts crypto in China: Experts answer

This is part one of a multipart series on blockchain and crypto in China.

China has been discussing the possibilities of national digital currency for half a decade, and the Chinese digital yuan project — referred to as the Digital Currency Electronic Payment, or DCEP — has years of history. Back in 2014, the People’s Bank of China set up a research group “to study digital currencies and application scenarios.” The research team was conducting a digital currency study and reportedly considering issuing its own digital currency. In 2016, the PBoC announced plans to de­velop a digital cur­rency of its own and started to hire blockchain experts. The same year, Chi­na’s State Coun­cil included blockchain technology in its 13th Five-Year Plan.

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