Digital Currency Electronic Payment (DCEP)

Digital Currency Electronic Payment (DCEP) refers to a digital currency system established by the People's Bank of China (PBOC), the country's central bank. DCEP is designed to function as legal tender and is backed by the Chinese government. It aims to provide a digital equivalent of physical cash, allowing for electronic transactions between individuals and businesses without the need for a bank intermediary.

DCEP operates on a centralized system, with the PBOC overseeing issuance, distribution, and regulation. It is built upon blockchain-like technology, providing security, transparency, and traceability for transactions while also offering features such as offline transactions and programmable money.