The people’s republic of China has been planning to launch a Chinese digital currency for the better part of the decade. China has been working for a state-run digital currency while at the same time, it is against all privately launched virtual currencies including cryptocurrencies. Chinese Digital Currency/ Electronic Payment system (DCEP) might be the only virtual currency that is allowed to operate in the country. A similar project that was to be launched by Facebook in the shape of Libra is facing consistent delays. Furthermore, the project may not come online due to Swiss legislators. How will the Chinese
