China is preparing to become the first country to launch its own digital currency. China’s central bank has released few details of its Digital Currency Electronic Payment (DCEP) project. Work on the project began five years. Some observers say the DCEP shows both financial innovation and the government’s desire to increase control over the movement of money. China’s digital currency has similarities to Facebook’s proposed digital currency Libra and existing cryptocurrencies such as Bitcoin. Like those forms of payment, the Chinese currency will be stored in a digital wallet. What is somewhat different is that China’s central bank will be able to follow where the money is going and even supervise trading. Observers say the goal of the project is for China to protect its economy at a time when newer payment systems could permit illegal money flows.
Title: China Planning to Become First Country to Launch Digital Currency
Content: <div id='article-page'><div id='article-content' data-media-url='//news-app-staging.s3.amazonaws.com' data-base-url='//news-app-staging.herokuapp.com' data-sound-name='https://news-app-production.s3.amazonaws.com/articles/3783/dig.wav' data-capture-url='//staging.analytics.lingraphica.com/events/capture_news' data-article-title='China Planning to Become First Country to Launch Digital Currency' data-article-id='4329'><script src='//news-app-staging.herokuapp.com/javascripts/getscripts.js'></script><link rel='stylesheet' href='//news-app-staging.herokuapp.com/stylesheets/article.css' type='text/css' /><div class='article'><p><span data-start-time='0' data-end-time='7625'>China is preparing to become the first country to launch its own digital currency.</span> <span data-start-time='7625' data-end-time='17500'>China’s central bank has released few details of its Digital Currency Electronic Payment (DCEP) project.</span> <span data-start-time='17500' data-end-time='21979'>Work on the project began five years.</span> <span data-start-time='21979' data-end-time='37563'>Some observers say the DCEP shows both financial innovation and the government’s desire to increase control over the movement of money.</span> <span data-start-time='37563' data-end-time='53583'>China’s digital currency has similarities to Facebook’s proposed digital currency Libra and existing cryptocurrencies such as Bitcoin.</span> <span data-start-time='53583' data-end-time='62271'>Like those forms of payment, the Chinese currency will be stored in a digital wallet.</span> <span data-start-time='62271' data-end-time='74854'>What is somewhat different is that China’s central bank will be able to follow where the money is going and even supervise trading.</span> <span data-start-time='74854' data-end-time='90583'>Observers say the goal of the project is for China to protect its economy at a time when newer payment systems could permit illegal money flows.</span> </p></div><div class='control-buttons-sticky' style='display:none;'><div class='control-buttons'><button title='Back' class='back' disabled='disabled'></button><button title='Play' class='play' disabled='disabled'></button><button title='Pause' class='pause' style='display:none;'></button><button title='Forward' class='forward' disabled='disabled'></button><button class='finished-reading' style='display:none;'>Done</button></div></div></div><div id='article-media'><div id='media-image'><img src='https://news-app-production.s3.amazonaws.com/articles/3783/dig.jpg'/></div></div><div id='question-content' style='display:none;'><div class='vocabulary_question question-container' data-question-id=14064 data-hint-location='0' style='display:none;'><div class='question' data-sound-name='https://news-app-production.s3.amazonaws.com/articles/3783/what_does_digital_mean.wav'>What does digital mean?</div><div class='choices' data-correct-choice='information signals'><div class='choice' data-sound-name='https://news-app-production.s3.amazonaws.com/articles/3783/synthesized_control.wav'><span>synthesized control</span></div><div class='choice' data-sound-name='https://news-app-production.s3.amazonaws.com/articles/3783/leather_wallet.wav'><span>leather wallet</span></div><div class='choice' data-sound-name='https://news-app-production.s3.amazonaws.com/articles/3783/alternate_currency.wav'><span>alternate currency</span></div><div class='choice' data-sound-name='https://news-app-production.s3.amazonaws.com/articles/3783/information_signals.wav'><span>information signals</span></div></div></div><div class='multiple_choice_question question-container' data-question-id=14065 data-hint-location='21979' style='display:none;'><div class='question' data-sound-name='https://news-app-production.s3.amazonaws.com/articles/3783/what_does_the_government_want_to_control.wav'>What does the government want to control?</div><div class='choices' data-correct-choice='movement of money'><div class='choice' data-sound-name='https://news-app-production.s3.amazonaws.com/articles/3783/paper_cash_amounts.wav'><span>paper cash amounts</span></div><div class='choice' data-sound-name='https://news-app-production.s3.amazonaws.com/articles/3783/illegal_money_flow.wav'><span>illegal money flow</span></div><div class='choice' data-sound-name='https://news-app-production.s3.amazonaws.com/articles/3783/payment_systems.wav'><span>payment systems</span></div><div class='choice' data-sound-name='https://news-app-production.s3.amazonaws.com/articles/3783/movement_of_money.wav'><span>movement of money</span></div></div></div><div class='sentence_completion_question question-container' data-question-id=14066 data-hint-location='74854' style='display:none;'><div class='question' data-sound-name='https://news-app-production.s3.amazonaws.com/articles/3783/the_goal_is_to_protect_the__blank_.wav'>The goal is to protect the <span class='blank'>economy</span>.</div><div class='choices' data-correct-choice='economy'><div class='choice' data-sound-name='https://news-app-production.s3.amazonaws.com/articles/3783/economy.wav'><span>economy</span></div><div class='choice' data-sound-name='https://news-app-production.s3.amazonaws.com/articles/3783/payments.wav'><span>payments</span></div><div class='choice' data-sound-name='https://news-app-production.s3.amazonaws.com/articles/3783/traders.wav'><span>traders</span></div><div class='choice' data-sound-name='https://news-app-production.s3.amazonaws.com/articles/3783/bankers.wav'><span>bankers</span></div></div></div><div class='question-buttons'><button class='skip-button'></button><button class='hint-button'></button><button class='speak-button'></button></div></div></div>
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