China is working on the first state-owned cryptocurrency called Digital Currency Electronic Payment (DCEP). As a State Bank official said on Tuesday, it was not about maintaining full control over financial information, but the Crypto-DCEP would allow monitoring of online gambling, money laundering and tax evasion.
It has been known for some time that China is working on a state-owned cryptocurrency. A speech given at the end of October by Huang Qifan, Vice President of the China International Economic Exchange Center (CIEE), suggests that the introduction of the cryptocurrency may be closer than previously thought.
