Here's the link

In my rather poorly informed opinion, these developments are something exciting to look forward to. While some may make a substantial claim that the DCEP may be misused (but in reality, what isn't), it will be fun to observe how the world responds :)

anyhow did u exercise today, lib?

    • ssjmarx [he/him]
      ·
      4 years ago

      So the biggest energy drain in crypto is mining, which involves a huge number of computers processing at maximum draw 24/7 to spit out tiny amounts of value. If DCEP is a national currency, then presumably that means that the Chinese government will issue it in discrete amounts without needing to do the mining part, which should take less energy than is currently spent in the printing process for new paper currency.

        • ssjmarx [he/him]
          ·
          4 years ago

          It's just used to limit the supply, otherwise you could type "1 billion bitcoins" into notepad and devalue the currency instantly.

          Governments limit the currency supply by collecting taxes.

    • Ewball_Oust [comrade/them]
      ·
      4 years ago

      Is it crypto though?

      Or just digital like debit cards or apple pay?

      It's digitization of RMB currency, but not just a payment method, which makes it different from Alipay, Wechat pay, etc. It's centralized, which makes it different from other cryptocurrencies. Basically it's still RMB, just not in paper. But what really makes it interesting is the following point:

      it's going to replace paper RMB completely, which is a great monetary revolution never happened in human history. ALL currency circulation is going to be digitized under DCEP, and paper currency will be explicitly phased out.