[size=36]China may issue its own cryptocurrency within 2-3 months[/size]
China may issue its own digital currency in the next two to three months, its managing partner Jack Lee said.
He pointed out that this, may prompt other countries, to decide on the regulation and control of this market and technology.
China has designed an electronic payment system called DCEP, he said, adding that the system will be a hybrid between the current electronic payment network of the People's Bank of China and banking infrastructure and other payment systems such as Alipay and WeChat Pay.
"As such, they already have the entire system and network," Lee said Monday at the FinTech Festival in Singapore.
The expert added that the Chinese DCEP will use the advantages of encryption technology and blockchain technologies: these include low costs and security. This will strengthen China's payment system.
According to him, the introduction of digital currency will allow the Chinese central bank to strengthen control over the movement of funds.
Li said the Chinese central bank is already tracking the serial numbers of banknotes. Blockchain will allow him to increase and expand this capacity