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In May, PBOC revealed plans to have its sovereign digital currency ready in time for the next Winter Olympics. It said that the new currency, which doesn’t have an official name but is known by its internal shorthand DCEP – or Digital Currency Electronic Payment – will share some features with cryptocurrencies such as Bitcoin and Facebook’s Libra. The currency is projected to replace cash in circulation.
DCEP has been introduced across four major cities: Shenzhen, Suzhou, Chengdu, and the Xiongan New Area in the northern province of Hebei. The government has already started paying civil servants in the district of Xiangcheng in Suzhou half of their transport subsidy in the digital currency as part of that city’s test run.
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