China finalizing the nation’s Digital Currency Electronic Payment System

• China’s central bank, PBOC are working on the last parts of launching a Chinese digital currency electronic payment system.
• The digital currency is first going to be tested with commercial banks according to reports.  

The People’s Bank of China (PBoC) is actively making plans to launch the nation’s Digital Currency Electronic Payment System (DCEP).  

It is expected to be first tested with commercial banks for the digital currency, according to a The move from China’s PBoC to launch the DCEP despite placing a blanket ban on bitcoin trading and initial coin offerings (ICOs).

In a video released by the People’s Bank of China (PBoC), the apex bank has hinted that it is putting some finishing touches to the blockchain-based Digital Currency Electronic Payment System (DCEP), which it plans to make available to local commercial banks soon.