The proliferation of coronavirus has spurred the demand for digital payments. China launched the digital yuan.
Chinese cryptocurrency is called DCEP. It will be used like ordinary fiat money (or fiduciary, that is, unsecured, paper money).
For example, pay for a communal apartment, transportation, shopping in stores.
After five years of work on the project, the state cryptocurrency has become available to customers of the “white list” of the Agricultural Bank of China in the four pilot districts of Shenzhen, Syungan, Chengdu and Suzhou.
According to the plan of the Chinese government, the release of cryptocurrency will fully transfer the yuan to the digital area and oust the dollar from the electronic payment market, which will prevent further dominance of the American currency.
Now in May, personnel of the metropolis current administration plus several other authorities institutions throughout Suzhou will get a wage in digital currency. These people were advised to have digital wallets.
For the first time, the digital renminbi application interface appeared this night on the page of Sino Global Capital director Matthew Graham.
He published: “When People in america are striving to determine whether or not they ought to use face masks, China is establishing innovative technology.”
This is how the pandemic accelerated the advance of the future, which we could only imagine from science fiction novels and films.