Alerts8.31.21
Benefits and Effects of China’s New Digital Currency Electronic Payment (DCEP) System
Highlights
The Chinese government is working to integrate Digital Currency Electronic Payment (DCEP) into society with the goal of eventually replacing paper currency
The initial distribution of digital Renminbi (RMB) is underway, with the expectation that it will be completed before the 2022 Winter Olympic Games begin in Beijing
Foreign businesses should consider evaluating the risks associated with the use of DCEP within a company’s internal system and other countries with which they do business
Digital Currency Electronic Payment, or DCEP, is a new and innovative digital payment version of China’s fiat currency – the Renminbi (RMB) – that the Chinese government is rolling out throughout the country.
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