People’s Bank of China (PBoC) Testing Digital Yuan (DCEP) for Credit Card Payments

China has been aggressively developing its central bank-issued digital currency (CBDC), popularly known as digital yuan. As per the latest reports, the People’s Bank of China is currently running a pilot project to test the use cases of its digital yuan for card payments, fees, credit card payments, and more.

China has been at the forefront of developing a national digital currency called DCEP. The government authorized the research for the project more than five years ago, and many people were speculating for an official launch by September last year. However, digital yuan was eventually made public at the start of 2020, and the PBOC jas been testing various use case for the digital currency ever since.

The first pilot program for DCEP saw it being used as a travel subsidy for government employees in 4 cities. Later the pilot program was expanded to several universal fast food and beverage companies operating in China, which included Starbucks and McDonald’s as well.

Chinese Central Bank Tests Final Use Case for DCEP

As per a report published in the local daily 8BTC, the PBOC is currently testing digital yuans use a case in the credit card ecosystem as it could be a key to bringing in more customers. The trials in the credit card domain are also being seen as the final trial before the much anticipated public launch.

The central bank also revealed three new pilot-free trade zones (FTZ), in addition to the one already functioning in the Zhejiang province. These free trade zones are key to China’s dream of becoming a blockchain hub for enterprises.

The central bank of China also announced three large innovation trial projects, namely the National Small and Micro Enterprise Digital Credit Reporting Pilot, Digital Currency, and Financial Technology Innovation supervision.

While most of the countries have shown interest in researching and developing their own national digital currency (besides Australia), China managed to complete the research and development of its national yuan quietly and is slated to become the first country to launch its own digital currency. It is also important to note that while the national yuan project is being propagated as one of the true CBDCs, but many have warned that digital yuan would not work on a decentralized blockchain. Rather it is a sophisticated way for the government to control the flow of money outside the country.

Whether the project turns out to be what many are speculating, it would be interesting to see how digital currency is rolled out for the world’s most populated country.

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Author: Rebecca Asseh

BCH Supporter, Roger Ver Insists Bitcoin (BTC) is Not Censorship Resistant, Citing Fiat Conversion

On Friday, November 8, 2019, Roger Ver, who’s popularly known as ‘Bitcoin Jesus’ and who is a prominent supporter of Bitcoin Cash [BCH], has recently made a tweet that bashes Bitcoin’s censorship-resistant nature reports U.Today.

The following is the tweet itself:

As per the news outlet, one of the main problems that Ver has with Bitcoin [BTC], which at this point everyone is aware of, is its lack of scalability. Given its volatility and the time it takes to complete a transaction, the giant isn’t always viewed as a preferred payment method. However, this hasn’t stopped anyone from using BTC.

One particular Twitter user, @SEgbuhuzor commented:

“I have checked all the news about businesses accepting bitcoin, almost all use a payment processor that immediately converts the bitcoin paid by the customer and pays the business fiat currency?”

It was further noted that if the aforementioned did not hold, it is simply because they do not accept Bitcoin. On the whole, it seems like people are taking Ver’s comment lightly given that BCH too has concerns that need to be dealt with.

Besides the scalability concern, the driving force that left Ver pursuing BCH is BTC’s block size. BCH’s fast and cheaper transactions was what he preferred, which is also supported by merchants.

This isn’t the first time that Ver made a comment regarding whether or not Bitcoin is censorship-resistant.

At the time, he said:

“If Bitcoin is about censorship resistance, then BTC has already failed by censoring its community.”

This is made in reference to how the r/bitcoin platform works. Once again, no one took note, stressing that this shouldn’t have made it to Twitter given that the notion of ‘censorship resistance’ only applies to transactions.

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Author: Nirmala Velupillai