China - Blockchain City & Its Own Cryptocurrency
New Chinese Criptocurrency
Well, apparently this has been in the past, since we can now appreciate a new vision of openness towards the adoption of crypto by the Red Giant.
The launch of its own cryptocurrency, which many attribute to a way of evading economic sanctions and tariff blocks by the US, is proof of that..
According to Huang Qifan, a member of the Communist Party of China, this launch will have a disruptive influence on the future of the global economy as it would take out both Libra, other national cryptocurrencies and even the traditional SWIFT system, underlying bank transactions.
A government-issued digital currency that uses blockchain technology can be faster, cheaper and more reliable compared to physical monetary value, however, it would not necessarily be a transparent and public blockchain.
The name of this cryptocurrency is DCEP (Digitial Currency Electronic Payment).
Blockchain City
Now the Chinese Authorities surprise again with the support and financing in the construction of the first Blockchain City, which would be located on the critical navigation route of the Malacca Strait of Malaysia.
The Chinese construction and engineering company Wuyi and the SWT International Sdn Bhd investment network jointly launched the Chinese government-backed project aimed at developing the city of Malacca in a blockchain city called Melaka Straits. The founders of the project plan to raise 500 Malaysian Ringgits ($ 120 million) during the initial stage.
According to the launch, the entire infrastructure of the city will be based on blockchain technology, with a platform called DMI that offers its native DMI currency. DMI will be used to pay for government services within the city and will have an exchange that will allow Melaka Straits City tourists to exchange their fiat currencies for DMI currencies.
It is shocking that the Chinese Government after years of prohibition and war against the mining of BTC and the possession of crypto assets, now proves to be financing and developing its own technology in terms of adoption of crypto and Blockchain.
In my opinion this only demonstrates what many of us already know before, and that is that the future of humanity will be established on the basis of a great Blockchain, the adoption will be total and the time will come when Fiat will be the history of money and commercial and financial exchange.
@juanmolina
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My pleasure.
Hi, it has a name already - DCEP (Digitial Currency Electronic Payment, DC/EP) - check some more info here
Oh! thank you very much
I will do the editing.
No problem, and check the article, its good one also.
Sure, I´ll do it.
thanks
Resteemed @juanmolina and upvoted
Hello my dear @juanmolina, great article very good information, congratulations.
Hahaha it seems that we are facing the fulfillment of the saying "if you can not with the enemy, join." We just hope that what happens with our Petro is not a currency created by the government but apparently does not have much confidence and is not very useful.
Step by step blockchain is breaking down barriers and overcoming obstacles to be possessed as a very valuable asset that will govern the world economy in the following years.
Blessings friend!
@fucho80
@juanmolina, In my opinion if Bitcoin will stay as it is with it's domination then it will be a problem for them, in my opinion this is reflecting as new picture and by that i mean, countries are trying to push back Bitcoin and coming up with their own coin so that they can dominate that Economy. Stay blessed.
Greetings @juanmolina, interesting what you say, at the end if they all end up at the same mouth.
To our luck it is the blockchain, let's hope that this proposal of the Chinese government is something beneficial for its citizens and that all this is not twisted into something dark.
The city with total management in its own cryptocurrency will be something of dreams, I don't know because it reminded me a little of the MrRobot series in which the country handles everything with a coin called Ecoin (referring to what seems to be a cryptocurency).
It really sounds great that idea, I'll keep an eye after the progress of that project sounds great in both market and structures (buildings, etc.).
Thank you for reading my comment, I bid you farewell wishing you a happy day, evening or night and a great start of the week.✌️