August 23, 2021

China’s digital yuan is a warning to the world

Featuring Yaya J. Fanusie

Source: Wired

Journalist Barclay Bram

In April 2020 a grainy screenshot of China’s sovereign digital currency, DCEP (short for Digital Currency/Electronic Payments) or the Digital Chinese Yuan (DCNY), was leaked online. The image showed a wallet for the DCNY provided by the Agricultural Bank of China, with payment functions, QR codes, and the ability to tap phones together to pay offline. While the People’s Bank of China (PBOC) had started researching digital currencies as early as 2014, the screenshot was the clearest indication of how far along in the process they were.

Read the full article and more from Wired UK.

Authors

  • Yaya J. Fanusie

    Adjunct Senior Fellow, Energy, Economics and Security Program

    Yaya J. Fanusie is an Adjunct Senior Fellow at the Center for a New American Security (CNAS). His research focuses on the national security implications of cryptocurrencies an...