But now he sees a new force emerging – a payment system created by the Chinese state and known as Digital Currency Electronic Payment (DCEP). It’s really a digital version of China’s official currency, the yuan, and Mr Guo feels DCEP will become the dominant global currency.
What can digital currency be used for?
Like any standard fiat currency, digital currencies can be used to purchase goods as well as to pay for services, though they can also find restricted use among certain online communities, like gaming sites, gambling portals, or social networks.
Which is the safest currency in the world?
The Japanese yen and Swiss franc remain relatively safe bets, Morgan Stanley said Tuesday, but the investment bank picked the U.S. dollar as the best safe-haven currency in what’s left of turbulent 2020.