People’s Bank of China to Launch “Digital Currency Electronic Payment” to Combat Illegal Online Gambling

The People’s Bank of China is going to launch the world’s first state-backed cryptocurrency “Digital Currency Electronic Payment” (DCEP). One of the main aims of DCEP is to combat illegal online gambling.

DCEP will apparently include functions that will allow government authorities to track suspect payments and thus stamp out money laundering, tax evasion, terrorist financing, and online gambling.

Mu Changchun, the head of the digital currency research institute of People’s Bank of China, said that the new cryptocurrency will still allow its users’ “controllable anonymity.”

“We know the demand from the general public is to keep anonymity by using paper money and coins… We will give those people who demand it anonymity in their transactions. But at the same time we will keep the balance between the ‘controllable anonymity’ and anti-money laundering, CTF, and also tax issues, online gambling and any electronic criminal activities,” Mu Changchun said.