It’s Closer Than We Think?
Cryptocurrencies add a unique and very consequential variable to the subtle currency war going on between the East and West. Governments around the world are coming out with statements towards distributed payment systems and cryptocurrencies such as BTC, ETH, and others.
BRICs nations are moving fast to eradicate any reliance on the U.S. dollar, and China has recently stepped up its influence and posture in the blockchain industry, including the announcement that it has been developing its own state-backed digital currency for years.
The anticipated digital currency, named DCEP, could be China’s soft economic and geopolitical weapon. The million-dollar question is WHEN this new currency will emerge onto the financial stage and be commercially used…
Interviewed separately by CNBC this week, Jack Lee of HCM Capital and fund manager Edith Yeung both predicted that the world could potentially see an unveiling of DCEP next year, with a chance of it happening within the next 6 to 12 months.
Jack Lee stated the possibility of a test phase within 2-3 months could happen before a full commercial launch.
“So, they already have all the system and the network ready. I think you will see it very soon, in the next maybe two to three months.” – Jack Lee/CNBC
Lee also acknowledged Bitcoin’s success as an effective peer-to-peer network and noted the benefits DCEP could provide in tracking financial activities.
There is currently still no official announcement on the ETA of DCEP by China’s government or central bank. The possibility of a quick rollout could be a reality, as development of DCEP has been ongoing for years. The recent shift to blockchain, including a new cryptography law, is just one part of China’s larger plan to gain technological and economic dominance on the global stage.
“It’s really been something (that’s) been in the works for the last few years, So I think definitely within the next six to 12 months.” – Edith Yeung/CNBC
Yeung also stated that “the United States needs to hurry up” in its policy for digital currencies and direction for a virtual USD. This is despite the announcement over 3 months ago of the FedNow system set for a 2023/2024 launch.
This post is for educational purposes. All information used is referenced accordingly. This is not investment advice; please always do thorough research and only invest what you are willing to lose, especially in times of uncertainty.