Notes on a digital currency plan, made in China

Digital Currency

While the world is struggling with the fallout of the COVID-19 pandemic, China is silently gearing up for a digital revolution. In April 2020, China initiated its central bank digital currency which is christened as Digital Currency Electronic Payment (DCEP), available via a mobile wallet app, pegged 1:1 with fiat currency, and designed to replace M0. This is the first such serious initiative in the whole world. Details from the news are important for both prelims and mains.

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