Although China's digital currency was first announced to be used only for local transactions, this may have changed, according to Da Hongfei, CEO of NEO, one of China's largest crypto projects. Hongfei stated that DCEP, the digital currency of China, can also be used for international transfers.

Can Use China Digital Currency Against US Dollars

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"Da Hongfei, founder of blockchain platform Neo, says the central bank could split part of the digital currency for use outside of China, much as it did with the offshore version of the yuan in currency trading." https://twitter.com/business/status/1268009552013864960…

NEO founder Hongfei said that the Central Bank of China might actually have a purpose like the off-shore version of Digital Yuan, and emphasized that it could have both national and international direction. An analogy to Hongfei's statement has been on the agenda for a long time.

Experts have begun to state that with the digital currency of China, the US dollar can act to reduce global sovereignty, and that may be the main purpose. If a similar digital currency move does not come from the US, China's crypto currency called DCEP can really meet the country's expectations and reduce the impact of the US Dollar.

What is DCEP?

China Finance 40 Forum (CF40), which focuses on financial policy and academic research, released a video that quotes Qifan's speech during the Bund Summit, which started on October 27. In this video, Huang Qifan states that the People's Bank of China plans to release its own cryptocurrency called "DCEP". Qifan reveals that China has been working on the project for about five or six years. After the launch of the DCEP cryptocurrency, PBoC will be the first central bank in the world to issue its own cryptocurrency.

DCEP, money making, bookkeeping etc. It is able to collect real-time data on, provides useful references for money making and implementation of monetary policies. The state-sponsored Chinese digital currency in the crypto community has been a hot topic for some time now. As previously reported, this move by China can pose a serious threat to payment giants like AliPay and WeChat Pay.

Although China is officially opposed, it is preparing to become a leading crypto power:

Second, “Chinese Crypto Currency” seemed to be temporarily shelved. A source close to the Chinese Communist Party has also announced that the cryptocurrency will not be launched soon. However, President Xi Jinping's adoption of Blockchain technology once again put China at the forefront of the crypto chat. A senior Chinese official stated that Blockchain requires "special attention" after Xi's comments.