What is China's digital currency electronic payment (DCEP) initiative?

Initially launching in Shenzhen, Suzhou, Chengdu and Beijing satellite city, Xiong'an, China's Digital Currency Electronic Payment (DCEP) initiative is poised to revolutionise the way governments…

What does DCEP stand for?

Now that 6 years have passed, DCEP—the abbreviation for “digital currency, electronic payment”— is China’s answer to a digital currency issued by the central bank. (It’s 数字货币 in Chinese, which means “digital currency” but plenty of people there actually use the English "word" DCEP.)

Is DCEP available in China?

No, DCEP is not fully rolled out yet and is only available in select cities in China. Is China using DCEP? According to a report on 28th December 2022, there have been over US$14 billion in transactions since the launch of DCEP in 2020 and October 2022. Meanwhile, 261 million users have already set up an e-CNY wallet.

Where can I trade DCEP?

Currently, DCEP is only available to other banks working with the People’s Bank of China. This will eventually open up to the general public in 2020. There are currently no cryptocurrency exchanges that trade DCEP. Implications of DCEP?