Jack Lee, HCM Capital’s managing partner, said China has developed a framework called the Digital Currency Electronic Payment or DCEP.
That would allow its central bank to issue a digital currency to commercial banks and third-party payments networks by Alipay and WeChat Pay, he stated.
The Swiss State Secretary for International Finance, Daniela Stoffel, told.” the expected launch of China’s digital currency could push authorities around the world to decide on how they want to use and regulate such technology.” Several experts warned that virtual currencies may increase the risk of fraud, especially money laundering and financing for terrorism. But there has been no way for many governments to regulate space.
The managing partner of an investment firm backed by the Foxconn Technology Group projected that China could start rolling out its digital currency as soon as the next two to three months. According to Jack Lee, HCM Capital’s managing partner, China has developed a framework called the Digital Currency Electronic Payment or DCEP. That would enable its central bank to issue a digital currency to commercial banks and third-party payment networks by Alipay and WeChat Pay, he explained.
Lee said Tanvir Gill of CNBC at Monday’s Singapore FinTech Festival.”So, the whole system and the network are already ready. I think you will see it very soon, in the next maybe two to three months,”
He said the release would start as a trial — not to completely replace physical money. According to Reuters, HCM Capital has invested in several blockchain start-ups. It is backed by Taiwanese manufacturer of electronics Foxconn, who also invested in the $100-billion Vision Fund of Japanese firm Softbank, Reuters said.
Several experts have warned that virtual currencies can increase the risk of fraud, particularly money laundering and financing for terrorism. But there has been no way for many governments to control space.
Daniela Stoffel, State Secretary for International Finance of Switzerland, said the expected launch of China’s digital currency could push authorities around the world to decide on how they want to use and regulate such technology.
On Monday, Stoffel told Tanvir Gill of CNBC. “If the governments or policymakers now realize that this is now really actually happening, and the question and challenges that are implied in an e-currency are now real, I hope this will lend further momentum to decisions on a global basis,”
At the FinTech Festival in Singapore, Stoffel said. Besides controlling, the potential increase in digital currencies would bring about questions on the roles of national currencies and central banks — something that should also be discussed internationally,
China is not the only country in which digital currencies have been launched. The Swiss National Bank said last month in Switzerland that it is working with the country’s stock exchange to examine the possible use of such currencies in trading.


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