China's Bank Governor Admits Cash Might Go Extinct

China has been harsh in its cryptocurrency stance. Nonetheless, it seems that their officers understand that digital currencies are the future. Zhou Xiaochuan, the People’s Bank of China Governor declared today that in the future, physical money will likely cease to exist, according to this source. He stated this in what many see as a swansong speech, given the fact that he is retiring soon.
He also announced the creation of a digital-only coin for the People’s Republic of China, dubbed DCEP, an acronym for “Digital Currency Electronic Payment”. He said they are being cautious because they aren’t keen on promoting ideas that people can be rich overnight. He did not comment if this new digital currency would be blockchain-based or just another digital centralized coin.
National cryptocurrencies are on the rise right now. Venezuela, with the Petro, was the pioneer in this field. But now, Turkey, Iran and even Russia have expressed interest in this kind of development. The Marshall Islands also have declared that they will issue its own cryptocurrency called the “Sovereign”. Though it is not clear if the DCEP will be a crypto coin or not, it is an interesting development from one of the biggest economies of the world.

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