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JUST IN: Chinese Central Bank to Launch Digital Currency Called "DCEP"

  • Alex Dovbnya
    📰 News

    While the PBoC has yet to confirm the launch of "DCEP," China's finance tsar Huang Qifan says that the central bank has been studying it for almost six years

JUST IN: Chinese Central Bank to Launch Digital Currency Called "DCEP"
Cover image via www.123rf.com

Huang Qifan, executive vice president of the China International Economic Exchange Centre, has confirmed that the People's Bank of China plans to roll out its own digital currency, which will be called "DCEP" (digital currency electronic payment).  

China Finance 40 Forum (CF40), the organization that focuses on finance policy research and academic exchange, published a video that features an excerpt from Qifan's speech during the inaugural Bund Summit that is taking place from Oct. 27 till Oct. 29. 

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Qifan reveals that China has been working on the project for about five or six years. After the launch of the DCEP coin, the PBoC will become the very first central bank in the world to issue its own cryptocurrency. 

DCEP can achieve real-time collection of data related to money creation, bookkeeping, etc, providing useful reference for the provision of money and the implementation of monetary policies

Tongues have been waggling about the state-backed Chinese digital currency for quite a while. As reported by U.Today, it could pose a serious threat to AliPay and WeChat Pay.

Latter, it seemed like the "China Coin" was temporarily shelved -- a source close to the Chinese Communist Party revealed that the cryptocurrency would not be launched anytime soon

However, President Xi Jinping's embracement of the Blockchain technology has put China at the forefront of the crypto conversation once again. A senior Chinese official also opined that Blockchain needed "special attention" after Xi's comments. 

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At this point, China is poised to become a leading crypto force despite formally opposing it. Bitcoin remains banned in China despite the fact that local miners are responsible for 70 percent of its hash rate.  

Subscribe to U.Today on Facebook, and get involved in all top daily cryptocurrency news, stories and price predictions!

About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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Bitcoin's Parabolic Uptrend Remains Intact Despite Price Collapse: Tuur Demeester

  • Alex Dovbnya
    📰 News

    Tuur Demeester wants you to buy the dip as Bitcoin touches the support of its parabolic uptrend for the first time since March

Bitcoin's Parabolic Uptrend Remains Intact Despite Price Collapse: Tuur Demeester
Cover image via u.today

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Tuur Demeester of Adamant Capital has just taken to Twitter to calm down Bitcoin enthusiasts who might have been swayed by incredibly bearish sentiment on crypto Twitter. 

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Bitcoin recently dropped to $6,800, its lowest level since early May. However, Demeester apparently sees this as yet another opportunity to buy the dip. He states that top coin's parabolic uptrend that started at the beginning of 2015 hasn't been violated. However, Bitcoin has tapped support for the first time since March when Bitcoin was trading well below $4,000. 

Shortly after printing a huge red candle on the logarithmic chart, the Bitcoin price spiked by 20 percent on Apr. 2, which started the coin's massive run to $13,700. 

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Crypto Analyst Doesn't Expect Bitcoin Price to Repeat Past Halvenings

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As of now, BTC is down by nearly 50 percent from its yearly high, but this might not be the end of the nightmare for Bitcoin bulls. According to trading exert Josh Rager, the crypto king could plunge below the $7,000 level again after a fakeout to the $7,500 range. 

Gold bug Peter Schiff recently predicted that BTC could collapse to $10,000 level after competing the head-and-shoulders pattern.  

At the time of writing, BTC is sitting $7,313, CoinStats data shows. 

Subscribe to U.Today on Twitter and get involved in all top daily crypto news, stories and price predictions!

About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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