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.
