Chaina new coin
You're referring to the new digital currency issued by the People's Bank of China (PBOC), also known as the Digital Currency Electronic Payment (DCEP) or Digital Currency Electronic Payment (DC/EP).
The DCEP is a central bank-issued digital currency, which means it is backed by the Chinese government and is designed to be a digital equivalent of physical cash. It is designed to be used for online transactions, and it is expected to be used for a wide range of purposes, including online shopping, mobile payments, and cross-border transactions.
Here are some key features of the DCEP:
- Digital currency: The DCEP is a digital currency, which means it exists only in electronic form and is not physical.
- Central bank-issued: The DCEP is issued by the People's Bank of China, which means it is backed by the Chinese government.
- Digital wallet: Users will need to have a digital wallet to store and manage their DCEP.
- Online transactions: The DCEP is designed for online transactions, and it can be used for a wide range of purposes, including online shopping, mobile payments, and cross-border transactions.
- Security: The DCEP is designed to be secure, with advanced encryption and other security measures in place to protect users' transactions and personal information.
- Limited supply: The DCEP has a limited supply, which means that the total amount of DCEP in circulation is capped.
- Interest-bearing: The DCEP is interest-bearing, which means that users can earn interest on their DCEP holdings.
The DCEP is still in the testing phase, and it is expected to be launched in the near future. When it is launched, it is expected to be used by a wide range of users, including individuals, businesses, and governments.
It's worth noting that the DCEP is not the only digital currency issued by a central bank. Other central banks, such as the Bank of England and the European Central Bank, are also exploring the possibility of issuing their own digital currencies.