DCEP was rumored to be a working title. Today it was officially announced. Click on the Twitter link I provided for a video straight from a Chinese government official.
DCEP was rumored to be a working title. Today it was officially announced. Click on the Twitter link I provided for a video straight from a Chinese government official.
It looks like the Chinese government is going full-throttle on its roadmap to roll out a Global Stablecoin. Thereโs no official word on a launch date as of yet, but judging by the recent chain of events, it is highly likely that the Chinese Digital Currency or Electronic Payments system (DCEP), will be rolled out sooner than later.
Do they even need or want English Domains anymore?
Iโm not sure if the Chinese will ever dance to anyone elseโs tune ever again.
That is unless the U.S pull a Rabbit out of a hat and give them some competition. Which after the embarrassment the US Congress made of themselves as they cross examined Zuckerberg last week is looking increasingly unlikely.
However, there is hope. Mark Carney, the Bank of England governor, has said that the worldโs reliance on the US dollar โwonโt holdโ and needs to be replaced by a new international monetary and financial system based on many more global currencies.
Thereโs something going on for sure as US regulators (CFTC, FDIC, and the SEC) have just team up with The U.Kโs top watchdogโs global financial technology sandbox. In a joint release, the regulators announced that they had joined the Global Financial Innovation Network (GFIN) seeking to identify the opportunities, challenges and risks facing the fintech industry.
That is unless the U.S pull a Rabbit out of a hat and give them some competition. Which after the embarrassment the US Congress made of themselves as they cross examined Zuckerberg last week is looking increasingly unlikely.
This is an interesting showdown between Federal watchdogs vs. BigTech/Facebook. I believe there will be a compromise.
Regulators have watched Bitcoin and hundreds of other cryptocurrencies growing for the last ten years. Citizens and markets wonยดt understand that now Libra is the only demon out there. Zuckerberg cannot completely withdraw Libra, think of the stock market reaction and their Billions of Facebook, Instagram and Whatsapp members.
Short version. DCEP is poweful! It will take seconds to exchange instead of days with the decades old SWIFT system. Trillions of dollars will be able to be leveraged immediately.
