The latest report from financial company Huatai Securities has revealed details about the DCEP digital coin and payment system.developed by the Central Bank of China.
According to the report, the Chinese digital coin willuse a centralized management system and are issued by the central bank of China through selected selected commercial banks. The Central Bank will approve all transactions and requests from partner banks, ensure security, and prevent transactions with double expenses.
After the currency issuance, China's central bank willmonitor and approve all transactions carried out by commercial banks on behalf of their clients. At this point, the central bank will be able to choose whether the deal will be approved or rejected, giving China the ability to exert greater control over the financial system and its citizens.
China Central Bank will use the baseEncryption for transaction security and their “proper” use. Users will have access to a digital wallet that will be protected by biometric codes and passwords.
In early January, the Central Bank of China announced the completion of the development of the DCEP project and the beginning of the stage of the joint DCEP banking test.
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