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3N7EvzAqERhuucZrV3idqDYgyLCxo1pmhpN: 691a4b5e5520855993d7919565a413af: "{"title": "China Moves to Wean Itself of US Dollar Dependence, Steps Up Testing of Sovereign Digital Currency", "lead": "Reports that China was launching a pilot program to test its ambitious Digital Currency Electronic Payment made headlines in late April, amid the emergence of screenshots on social media showing the DCEP wallet.", "text": "As China expands globally, seeking significant financial autonomy and less dependency on America amid its trade war with Washington, the country has long sought to wean itself from the US-dollar dominated financial system.\nFinally, after years of effort, China is gearing up to release the world\u2019s first sovereign digital currency - DCEP (short for Digital Currency/Electronic Payments).\nChina\u2019s central bank launched a trial program across four cities - Shenzhen, Suzhou, Xiongan and Chengdu - to test the use of its digital currency, touted as incorporating some features of cryptocurrencies, but lacking the anonymity of such digital assets, the Digital Currency Research Institute of the People\u2019s Bank of China confirmed to the South China Morning Post (SCMP).\nThe acknowledgement came in the wake of reports triggered by a spate of screenshots on social media that supposedly showed the DCEP wallet.\n\n\nBreaking: #China Central Bank Digital Currency #DCEP is coming! Pics show that Agriculture Bank of China is making internal test on DCEP wallet, and these pics are real!We downloaded the App and found that the first four pilot areas are Shenzhen, Xiong'an, Chengdu and Suzhou. pic.twitter.com/R0AeVi0eaK\n\u2014 BlockBeats (@BlockBeatsChina) April 14, 2020\n\nDCEP trial runs will be piloted to a small range of banks and end users, eventually spreading to a wider range amid improvements in the technology and system.\nThere are said to be three principal differences between DCEP and existing cryptocurrencies such as bitcoin, according to Terry Liu, CEO of VoneChain Technology, a blockchain consultancy based in Shanghai, cited by Wired UK.\nFirst, while Bitcoin is mined, meaning the source is decentralised and controlled by an algorithm, DCEP is government sanctioned and centralized.\n\n \u00a9\n CC0 Bitcoin\nSecondly, the underlying technology is different. The blockchain ledger will be controlled by the government and not distributed across the system.\nAnd thirdly, it will operate like a normal currency and be integrated throughout the commercial system, the expert is cited as saying.\nChina-US Verbal War\nChina\u2019s digital currency breakthrough was widely trailed and comes against the backdrop of an escalating war of words with the US.\nAmid the COVID-19 global pandemic and the economic fallout triggered by it, the US has been ramping up accusations against China, claiming it had covered up the initial outbreak of the virus and lacked transparency regarding death toll numbers.\n\n \u00a9\n AP Photo / Cheng MinThis Saturday, Feb. 22, 2020, photo released by Xinhua News Agency, shows medical workers in protective suits at a coronavirus detection lab in Wuhan in central China's Hubei Province. The fresh national figures for the disease that emerged in China in December came as the number of viral infections soared mostly in and around the southeastern city of Daegu, where they were linked to a local church and a hospital.\nMore recently, there have been statements uncorroborated by any evidence from US President Donald Trump and Secretary of State Mike Pompeo that the virus had originated at a laboratory in Wuhan, where the outbreak started in December 2019.\nChina has emphatically dismissed the speculations as \u201cgroundless accusations\u201d.\nChina\u2019s Long-Sought Ambition\nChina has been seeking to shake off reliance on US dollar settlements that allow Washington to impose unilateral punitive sanctions on companies via the threat of exclusion from the SWIFT dollar settlement system.\nDCEP as part of the further development of an RMB-based trade settlement system could serve to counter what Beijing has branded as \u201cweaponisation of the US dollar\u201d as a foreign policy tool, reported the China Daily on 24 April.\n\"A sovereign digital currency provides a functional alternative to the dollar settlement system and blunts the impact of any sanctions or threats of exclusion both at a country and company level\u201d, said the outlet.\nThe ongoing Covid-19 crisis, with its protocols of social distancing and \"contactless\" payments might also enhance the appeal of a Chinese digital currency, with the launch of Facebook's Libra earlier this year also seen as accelerating China's development of DCEP.\nPreviously, Beijing had taken bold steps to globalize the yuan and enhance its status to match the size of the Chinese economy, futures, yet these ambitions were fraught with challenges.\nFirst and foremost, Chinese authorities restrict yuan conversion and capital outflow.\nWhile not regulating yuan convertibility for trade payments, China imposes restrictions on conversion for capital transactions, Lee Chi-hyun, a researcher at the Korea Center for International Finance, was quoted as saying by Asia Times.\n\u201cFundamentally speaking, for the globalization of the yuan, its value should be stable, and there should be quality yuan assets so that yuan holders can make investment profits out of yuan holdings\u2026 Otherwise, people will not want to hold yuan,\u201d said Lee.\nNow, many experts perceive China\u2019s launch of a digital currency as part of its long-term play to underwrite the globalization of the yuan.", "date": "2020-05-04"}"
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"value": "{"title": "China Moves to Wean Itself of US Dollar Dependence, Steps Up Testing of Sovereign Digital Currency", "lead": "Reports that China was launching a pilot program to test its ambitious Digital Currency Electronic Payment made headlines in late April, amid the emergence of screenshots on social media showing the DCEP wallet.", "text": "As China expands globally, seeking significant financial autonomy and less dependency on America amid its trade war with Washington, the country has long sought to wean itself from the US-dollar dominated financial system.\\nFinally, after years of effort, China is gearing up to release the world\\u2019s first sovereign digital currency - DCEP (short for Digital Currency/Electronic Payments).\\nChina\\u2019s central bank launched a trial program across four cities - Shenzhen, Suzhou, Xiongan and Chengdu - to test the use of its digital currency, touted as incorporating some features of cryptocurrencies, but lacking the anonymity of such digital assets, the Digital Currency Research Institute of the People\\u2019s Bank of China confirmed to the South China Morning Post (SCMP).\\nThe acknowledgement came in the wake of reports triggered by a spate of screenshots on social media that supposedly showed the DCEP wallet.\\n\\n\\nBreaking: #China Central Bank Digital Currency #DCEP is coming! Pics show that Agriculture Bank of China is making internal test on DCEP wallet, and these pics are real!We downloaded the App and found that the first four pilot areas are Shenzhen, Xiong'an, Chengdu and Suzhou. pic.twitter.com/R0AeVi0eaK\\n\\u2014 BlockBeats (@BlockBeatsChina) April 14, 2020\\n\\nDCEP trial runs will be piloted to a small range of banks and end users, eventually spreading to a wider range amid improvements in the technology and system.\\nThere are said to be three principal differences between DCEP and existing cryptocurrencies such as bitcoin, according to Terry Liu, CEO of VoneChain Technology, a blockchain consultancy based in Shanghai, cited by Wired UK.\\nFirst, while Bitcoin is mined, meaning the source is decentralised and controlled by an algorithm, DCEP is government sanctioned and centralized.\\n\\n \\u00a9\\n CC0 Bitcoin\\nSecondly, the underlying technology is different. The blockchain ledger will be controlled by the government and not distributed across the system.\\nAnd thirdly, it will operate like a normal currency and be integrated throughout the commercial system, the expert is cited as saying.\\nChina-US Verbal War\\nChina\\u2019s digital currency breakthrough was widely trailed and comes against the backdrop of an escalating war of words with the US.\\nAmid the COVID-19 global pandemic and the economic fallout triggered by it, the US has been ramping up accusations against China, claiming it had covered up the initial outbreak of the virus and lacked transparency regarding death toll numbers.\\n\\n \\u00a9\\n AP Photo / Cheng MinThis Saturday, Feb. 22, 2020, photo released by Xinhua News Agency, shows medical workers in protective suits at a coronavirus detection lab in Wuhan in central China's Hubei Province. The fresh national figures for the disease that emerged in China in December came as the number of viral infections soared mostly in and around the southeastern city of Daegu, where they were linked to a local church and a hospital.\\nMore recently, there have been statements uncorroborated by any evidence from US President Donald Trump and Secretary of State Mike Pompeo that the virus had originated at a laboratory in Wuhan, where the outbreak started in December 2019.\\nChina has emphatically dismissed the speculations as \\u201cgroundless accusations\\u201d.\\nChina\\u2019s Long-Sought Ambition\\nChina has been seeking to shake off reliance on US dollar settlements that allow Washington to impose unilateral punitive sanctions on companies via the threat of exclusion from the SWIFT dollar settlement system.\\nDCEP as part of the further development of an RMB-based trade settlement system could serve to counter what Beijing has branded as \\u201cweaponisation of the US dollar\\u201d as a foreign policy tool, reported the China Daily on 24 April.\\n\\"A sovereign digital currency provides a functional alternative to the dollar settlement system and blunts the impact of any sanctions or threats of exclusion both at a country and company level\\u201d, said the outlet.\\nThe ongoing Covid-19 crisis, with its protocols of social distancing and \\"contactless\\" payments might also enhance the appeal of a Chinese digital currency, with the launch of Facebook's Libra earlier this year also seen as accelerating China's development of DCEP.\\nPreviously, Beijing had taken bold steps to globalize the yuan and enhance its status to match the size of the Chinese economy, futures, yet these ambitions were fraught with challenges.\\nFirst and foremost, Chinese authorities restrict yuan conversion and capital outflow.\\nWhile not regulating yuan convertibility for trade payments, China imposes restrictions on conversion for capital transactions, Lee Chi-hyun, a researcher at the Korea Center for International Finance, was quoted as saying by Asia Times.\\n\\u201cFundamentally speaking, for the globalization of the yuan, its value should be stable, and there should be quality yuan assets so that yuan holders can make investment profits out of yuan holdings\\u2026 Otherwise, people will not want to hold yuan,\\u201d said Lee.\\nNow, many experts perceive China\\u2019s launch of a digital currency as part of its long-term play to underwrite the globalization of the yuan.", "date": "2020-05-04"}"
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