Tag: DCEP

China Leads Africa’s Digital Currency Race
Crypto News

China Leads Africa’s Digital Currency Race

In Africa, there is a race to define a digital currency standard for the emerging digital economy.So far, we have three dogs in this fight, with no case of a pan-African central bank digital currency either live or at pilot stage.Bitcoin, a form of decentralized digital currency with no issuer Facebook’s libra, now diem, a privately issued digital currency China’s DCEP, a digital version of China’s legal tender, the yuanOut of the three, China’s DCEP from the People’s Bank of China is the leading contender because of a sneaky 20 year head start. Since the mid 2000s, China has discreetly accumulated significant influence over Africa’s technology stack, close to 50% in the mobile handset and 70% in the mobile network layers.Michael Kimani is a creator at C...