Digital Yuan and e-Krona: the revolutions of China and Sweden

Digital Yuan and e-Krona: the revolutions of China and Sweden

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Both were two of the most talked about topics of this decidedly surprising 2020 for the cryptocurrency industry. They have a common feature: they have not yet seen the light of day, although they are in advanced testing phases. 2021 could be the year of its launch and, in any case, it will be something that can change the financial and cryptocurrency sector.

Let’s start by saying that what we call Digital Yuan should actually be called DC / EP, an acronym for Digital Currency Electronic Payment. It is a “cryptocurrency” that will be issued directly by the Chinese central bank (PBoC, People’s Bank of China), it will serve mainly as a means of payment. It is not a real cryptocurrency, but a digital currency. Cryptocurrencies, in fact, by definition, are pseudo-anonymous and decentralized, that is, without an entity that controls them. The digital yuan, in contrast, is issued by a central entity that can track movements and transactions, presenting a serious problem: user privacy.

Anyway, China is testing it in order to digitize the payment system, in addition to reaching the so-called no bank account.

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