The People’s Bank of China (PBoC) may launch its own digital currency in the next 18 months, the world’s first state-backed cryptocurrency ''Digital Currency Electronic Payment'' (DCEP). Among other aims, DCEP is designed to combat illegal online gambling, a real scourge for China. Chinese is the most gambling-addicted nation on the planet, studies have shown.
DCEP is about to include functions that will allow government authorities to track suspect payments and thus purge money laundering, tax evasion, and online gambling. It remains to be seen which governments will have access to this kind of information, but this will be determined by the infiltration of the new currency to several markets and countries.
We can only assume, DCEP will trigger a war among several governments who will also try to get part of the pie. However, it is the market and the users who will decide who stays and who goes. So far, the market has not shown any signs of accepting control, no matter how elegant words are.
DCEP is about to include functions that will allow government authorities to track suspect payments and thus purge money laundering, tax evasion, and online gambling. It remains to be seen which governments will have access to this kind of information, but this will be determined by the infiltration of the new currency to several markets and countries.
We can only assume, DCEP will trigger a war among several governments who will also try to get part of the pie. However, it is the market and the users who will decide who stays and who goes. So far, the market has not shown any signs of accepting control, no matter how elegant words are.