{"id":119533,"date":"2019-11-12T08:27:48","date_gmt":"2019-11-12T16:27:48","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=119533"},"modified":"2021-08-02T00:54:10","modified_gmt":"2021-08-02T07:54:10","slug":"china-digital-currency-will-help-fight-online-gambling-peoples-bank","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/china-digital-currency-will-help-fight-online-gambling-peoples-bank\/","title":{"rendered":"China Digital Currency \u2018DCEP\u2019 Will Help Fight Online Gambling, Says People\u2019s Bank"},"content":{"rendered":"

China\u2019s proposed digital currency \u2013 working title \u201cDigital Currency Electronic Payment (DCEP)\u201d — is not about control, a state banking official said this week. But he claimed it will help to more effectively monitor money-laundering, tax evasion, terrorist financing, online gambling<\/a> and other cybercrimes.<\/p>\n

\"DCEP\"
China\u2019s new digital currency promises \u201ccontrollable anonymity,\u201d although many suspect it could lead to the anonymous controllability of the population\u2019s finances. (Image: Blockt)<\/figcaption><\/figure>\n

Reuters<\/em> reports that Mu Changchun, head of the People’s Bank of China’s digital currency research institute, told a conference in Singapore Tuesday that the Chinese government acknowledges that people would prefer the anonymity of using paper money and coins. But the new currency would provide \u201ccontrollable anonymity,\u201d he said.<\/p>\n

“That is a balance we have to keep, and that is our goal,\u201d Mu explained. \u201cWe are not seeking full control of the information of the general public.”<\/p>\n

Could DCEP Replace Yuan? <\/strong><\/h2>\n

Mu did not provide a timescale for the roll-out of DCEP, a project that has been five years in the making.\u00a0 But he did say it was \u201calmost ready,\u201d which means China will likely soon become the first nation to launch its own domestic cryptocurrency.<\/p>\n

Details on DCEP are thin on the ground, other than that the currency will partially be based on blockchain \u2013 the technology that underpins cryptocurrencies like bitcoin and soon, Facebook\u2019s Libra.<\/a><\/p>\n

\n

Mu said DCEP would be distributed by the People\u2019s Bank of China to commercial banks and domestic third-party payment networks like Alipay and WeChat Pay.<\/p>\n<\/div>\n

At least initially, the currency will coexist alongside fiat money. But it has been speculated that should the experiment prove successful, it could one day replace the yuan entirely.<\/p>\n

Mu said DCEP would boost financial inclusion in rural areas. But Reuters<\/em> suggested the currency’s design \u201cseemingly provides Beijing with unprecedented oversight over money flows, giving Chinese authorities a degree of control over their economy that most central banks do not have.\u201d<\/p>\n

Great Firewall<\/strong><\/h2>\n

Gambling is illegal in mainland China except for the state lottery and the state-controlled sports lottery. The central government operates an enormous program of domestic internet regulation and censorship, which has been dubbed \u201cthe Great Firewall,\u201d and which blocks web domains of online gambling operators and other undesirable sites.<\/p>\n

But China\u2019s vast army of internet cops are playing whack-a-mole with illegal operators, many of whom are based in the Philippines<\/a> and will simply move to a new URL once a previous domain is blocked.<\/p>\n

Chinese gamblers can use rogue third-party payment providers to make deposits into offshore online gambling accounts, or make payments to proxy bettors through social media platforms that support such transactions, although authorities are taking every effort to stamp this out.<\/p>\n

While it\u2019s not completely clear yet how DCEP works, it could well provide another layer of control in China\u2019s ceaseless battle against illegal gambling.<\/p>\n","protected":false},"excerpt":{"rendered":"

China\u2019s proposed digital currency \u2013 working title \u201cDigital Currency Electronic Payment (DCEP)\u201d — is not about control, a state banking official said this week. But he claimed it will help to more effectively monitor money-laundering, tax evasion, terrorist financing, online gambling and other cybercrimes. Reuters reports that Mu Changchun, head of the People’s Bank of […]<\/p>\n","protected":false},"author":36,"featured_media":119544,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[61,16693],"tags":[],"acf":[],"yoast_head":"\nChina Digital Currency Will Help Fight Online Gambling: People\u2019s Bank<\/title>\n<meta name=\"description\" content=\"China will shortly become the first nation to launch its own state-backed digital currency, DCEP, which could bolster fight against online gambling.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.casino.org\/news\/china-digital-currency-will-help-fight-online-gambling-peoples-bank\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"China Digital Currency Will Help Fight Online Gambling: People\u2019s Bank\" \/>\n<meta property=\"og:description\" content=\"China will shortly become the first nation to launch its own state-backed digital currency, DCEP, which could bolster fight against online gambling.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/china-digital-currency-will-help-fight-online-gambling-peoples-bank\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2019-11-12T16:27:48+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-08-02T07:54:10+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2019\/11\/china-cryptocurrency.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1000\" \/>\n\t<meta property=\"og:image:height\" content=\"500\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Philip Conneller\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@casinoorgphilc\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Philip Conneller\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/china-digital-currency-will-help-fight-online-gambling-peoples-bank\/\",\"url\":\"https:\/\/www.casino.org\/news\/china-digital-currency-will-help-fight-online-gambling-peoples-bank\/\",\"name\":\"China Digital Currency Will Help Fight Online Gambling: People\u2019s Bank\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/china-digital-currency-will-help-fight-online-gambling-peoples-bank\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/china-digital-currency-will-help-fight-online-gambling-peoples-bank\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2019\/11\/china-cryptocurrency.jpg\",\"datePublished\":\"2019-11-12T16:27:48+00:00\",\"dateModified\":\"2021-08-02T07:54:10+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/58769b72851c8cf117fb58ca150ebf8b\"},\"description\":\"China will shortly become the first nation to launch its own state-backed digital currency, DCEP, which could bolster fight against online gambling.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/china-digital-currency-will-help-fight-online-gambling-peoples-bank\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/china-digital-currency-will-help-fight-online-gambling-peoples-bank\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/china-digital-currency-will-help-fight-online-gambling-peoples-bank\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2019\/11\/china-cryptocurrency.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2019\/11\/china-cryptocurrency.jpg\",\"width\":1000,\"height\":500,\"caption\":\"China\u2019s new digital currency promises \u201ccontrollable anonymity\u201d although many suspect it could lead to the anonymous controllability of the population\u2019s finances. 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