China is going to launch it's own digital currency

China is going to launch it's own digital currency

China is trying its own digital currency, Digital Yuan. People Bank of China is working fastly on this project and they have started trials also with limited circulations. 

This is very important news that World's second-largest economy is heading towards something totally digital now it is setting an example for other countries as well to be ready for major transform in the upcoming years. The official name of Digital Yuan is Digital Currency Electronic Payment (DCEP).

According to the team leader of the project, currently, in China, many people adopted a cashless economy and the launch of Digital Currency speeds up the process to achieve the goal to become the first cashless economy in the World.

Many people are now asking If Digital Yuan is like Bitcoin but you need to understand Bitcoin is something that is not controlled by a single authority but Digital Yuan will only be an issue by PBOC.

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