By Tobi Loba
The most populous country in the world, China is surely not relenting over the proposed launch of its digital currency. In a recent update from China, related on Twitter by Block Journal, a blockchain-based news outlet, the country seems close to the launch of the much-talked-about digital token named DCEP.
In reaction to this, the Chinese-Canadian cryptocurrency tycoon, Changpeng Zhao, the ever-active CEO of Binance, said, “when China moves, it moves faster!” This reaction relates to China’s swift reaction to the creation of the digital form of the country’s fiat currency, Yuan.
Block Journal’s Report about DCEP Digital Coin
The blockchain-related news outlet, Block Journal, reported China’s move to launch its owned digital token.
According to the video captioned by Block Journal, and related in the Chinese language, the country is on the verge of launching the cryptocurrency called DCEP.
The information says the digital token DCEP will be launched by the Chinese Central Bank, while the country’s commercial banks will test and onboard the underway cryptocurrency.
“BREAKING: China to launch digital currency “DCEP” According to this video (to be confirmed), Chinese Central Bank will launch a digital currency called DCEP. To be tested and onboarded with commercial banks first…” Block Journal reported.
CZ Binance Reacts to China’s Pace in the Digital World
The CEO of Binance, Changpeng Zhao, also known as CZ has been a regular crypto Twitter influencer, due to his consistent mind-blowing reactions to virtually all developments in the crypto space.
CZ is obviously a Chinese descent, and his descent response to the latest development about the launch of China’s digital currency, DCEP has revealed his support for the country’s growing interest in blockchain and cryptocurrency.
In the tweet, CZ pointed that China is always swift to steps that are able to promote the country’s economic success pursuit, leveraging its vast population to get it done.
He said “When China moves, it moves fast! Considering it is the largest body of population on the planet. It’s incredible. Don’t get left behind. Embrace it.”
When China moves, it moves fast! Considering it is the largest body of population on the planet. It's incredible.
Don't get left behind. Embrace it. https://t.co/4eSJGATocw
— CZ 🔶 Binance (@cz_binance) October 28, 2019
Don’t Get Left Behind. Embrace It. Who Could This Be Directed to?
In CZ Binance’s last statement in the trend post, he said, “Don’t Get Left Behind. Embrace It”. Who could CZ be referring to indirectly?
It is obvious that there is an ongoing trade war between China and the United States. The duos have utilized many weapons at their disposal. Now that China goes all-in into blockchain technology and cryptocurrency it once criticized and scrutinized shows that the new developments could be strategic.
United States in the other hand is still fighting tooth and nail to make all challenging digital currencies such as the underway Facebook’s Libra to subject to the sovereignty of the globally glorified and world’s reserve currency, US dollar.
CZ’s message coming at this time could be majorly meant for the United States and the countries that mount threats on the existence of digital currencies in the global market.
Situation of Cryptocurrencies in the Market
Few digital tokens are presently performing well in the market. Bitcoin Cash (BCH) is so far the best performer among the top 10 digital currencies, with relatively 4% price increase on a 24H basis at press time.
Bitcoin (BTC), the largest cryptocurrency by market cap, has not experienced any notable growth since retracing from the last price parabolic movement it experienced.