With cryptocurrencies becoming more popular around the world, China is now moving quickly to establish its own digital currency as a global standard, particularly in emerging markets like Africa where the mobile payment sector is booming.
Early on, Beijing outlawed the use of Bitcoin and various other international cryptocurrencies that guaranteed full anonymity to its users. Instead, China developed its own digital currency known as DCEP (short for Digital Currency/Electronic Payments) or the Digital Chinese Yuan (DCNY) that provides a sort-of backdoor to allow the government to monitor transactions.
- Get a daily email packed with the latest China-Africa news and analysis.
- Read exclusive insights on the key trends shaping China-Africa relations.
- Full access to the News Feed that provides daily updates on Chinese engagement in Africa and throughout the Global South.