[Taklimakan Blog] History of Chinese Cryptocurrency

China’s financial regulator has been working on building a digital asset for several years. During this time, a large number of versions and versions of the implementation of the PRC crypto project have appeared on the network. To provide a complete picture of the development of China’s national cryptocurrency

Work on the digital currency of the central bank (CBDC) or DCEP, as the representatives of the regulator themselves call the project, has been underway since 2014.

The official representative of the People’s Bank of China (PBoC) Mu Changchun spoke about this in one of his interviews. DCEP will be a lot like Facebook’s Libra stablecoin, he said. It is known that the Chinese Central Bank commissioned the RMB crypto version to the Digital Currency Research Institute under the PBoC.

The ex-head of the Central Bank of China, Zhou Xiaochuan, spoke in more detail about the purpose of the crypto-yuan at the end of November 2019. According to him, the financial instrument will be used in two directions:

• Electronic payments in the retail system.
• Cross-border payments between financial institutions.