China announced launch of their digital currency DCEP

According to a video shared by Block Journal on Twitter, China announced plans to launch a digital currency.

At the Bund Summit, Chinese People’s Political Consultative Conference, A spokesperson reportedly announced that the Chinese Central Bank will be testing a digital currency called DCEP.

This isn’t the first time the DCEP idea has been thrown around. China has had “plans” to release the digital dollar for half a decade.

The announcement comes shortly after Mark Zuckerberg testified in congress that China might beat America to the punch with digital currency. Many republican representatives shared concerns about China being the first to have a digital dollar, because they perceive it could be a threat to the US dollar’s strength.