Exchange offers detected misleading with the new currency chinese state digital

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After the vice president of the Center for the International Economy of China, Huang Qifan, confirmed on October 28 the progress of the plan of the People's Bank of China (PBoC) for the development of its national digital currency, misleading offers that promise its commercialization were detected in exchange houses in that country.

According to the dissertation of the Chinese government official, held within the framework of the financial summit of the Bund 2019 that was held in Shanghai between October 27 and 29, the national cryptocurrency will be called DCEP (Digital Currency Electronic Payment or electronic payment in digital currency).

Qifan said the project is quite advanced and estimates it could be launched before the end of this year. However, shortly after this announcement its commercial exchange was already promised, according to the digital media Asia Crypto today in a message on Twitter.

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These are imitations of DCEP that are being offered on potentially fraudulent platforms. The Asian Crypto today tweet, which also shows a capture with the image of one of these misleading offers, expresses its amazement at the "efficiency of scammers", who are able to promise the cryptoactive trade, just hours after announcing it .

In his speech on October 28, Qifan revealed that China has been working on the project for about five or six years and is confident that it can be introduced as part of the financial system. He also said that they aspire to be the first country to launch a successful national cryptocurrency and said that "DCEP will be able to collect data in real time."

The idea is to initially distribute the cryptocurrency among commercial banks affiliated with the People's Bank of China, in a second phase to distribute it among large financial technology companies, such as Tencent and Alibaba, to be used in WeChat Pay and Alipay, respectively. This initial implementation will serve as an official production test for the monetary system, where the network and its security system will be validated.

Plans related to the Chinese state digital currency accelerated in the middle of this year, following the announcement of Facebook's Libra project. The PBoC began working at full speed, in a closed-door environment, hoping to compete with the cryptocurrency of the prominent social network.

In this same line of action, which has been accelerating the process, the Chinese parliament passed on October 26 a new law for the use of cryptography, which would lay the groundwork for the creation of DCEP.

The approval of this legal instrument comes after the statements of the president of China Xi Jinping, who said last week that his country should assume the "leadership in the emerging field of blockchains." The regulation, approved by the Standing Committee of the XIII National People's Congress in China, is scheduled to take effect on January 1, 2020.



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