In an effort to internationalise the Chinese yuan, the government-run People’s Bank of China (PBoC) has begun rolling out it’s very own digital currency known as ‘DCEP’. This move comes in part due to the reliance of the dollar in international finance, and the PBoCs desire to break this standard and create a new ‘battlefield of competition’ between major countries.
In a recent article, the PBoC stated “China has many advantages and opportunities in issuing fiat digital currencies, so it should accelerate the pace to seize the first track(...)”
The currency has been in continuous development for the past 6 years and is now being trialled across a few select regions and banks within the country, with the eventual goal being nationwide rollout.
The PBoC claims that DCEP will reduce the cost of circulating physical money, as well as greatly improve monetary policy transmission, in turn allowing for greater recovery, post-COVID.
These claims aside, one thing is clear — one of the largest economies in the world-embracing such technology heralds a new and exciting future for digital currencies.
07 October, 2020 | #Cryptonews
China Officially Launches it’s Own Digital Currency
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Verify Once has been built to solve these issues. We know it can be frustrating to keep verifying your identity with each new company you wish to buy products from or whose services you wish to use. Especially when this process can take many hours or even days, leaving you without the product or service you need - perhaps desperately. The reason why we created Verify Once was to reduce the time and need to go through the verification process with multiple companies online and keep providing the same documentation again and again. This is why Verify Once does exactly as its name indicates. All you have to do is verify once, and you will never have to verify again in the Dagcoin ecosystem. But what do you need to do to verify yourself once and for all, and how long does it take? Getting verified with Verify Once is a quick and easy process that takes just a couple of minutes. All you have to do is enter your personal details, and upload a copy of a valid identity document as well as proof of address. Hit submit and you will receive an answer in just 60 seconds. Once your documents have been verified, they will be connected to the email address you registered on the Verify Once platform. To ensure that you and you alone have access, your account will be password protected. Meaning that only you have access to your verification data, all approved accounts with different companies/websites, and the possibility to apply for verified accounts with new businesses whose products you wish to buy or whose services you wish to use. Verify once - and never go through verification again in the Dagcoin ecosystem with any merchant that accepts VerifyOnce. But it isn’t just individuals that are at risk. Ecommerce, online gaming, and even social media companies are at high risk. 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Verify Once processes and verifies customers, so you don’t have to. Saving you both time and money. At the same time meeting, all necessary Know Your Customer regulations. This is done by using state of the art technology which is fast, secure, automated, and integrated with artificial intelligence. Meaning that as criminals adapt and improve, so will the system. Conclusion Fraud costs both individuals and businesses around the world billions each and every year. This is why governments around the world have introduced various Know Your Customer and Anti Money Laundering Laws. This means as individuals you are often asked to confirm your identity by providing a copy of your ID, driving licence or passport when buying products or applying for services online. Businesses ask for this information not just to meet these regulations, but to keep you safe and prevent revenue losses to fraud. 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