Bitcoin prices slumped under $7,000 today as reports suggest China's central bank (The Peoples Bank of China, PBoC) is considering a plan to release its own cryptocurrency.
Chinese officials say that the official cryptocurrency would be named "The Digital Currency for Electronic Payment (DCEP)."
Though the PBoC does not recognize cryptocurrency assets as a means of payment, the new DCEP would be designed to suit the nation's retail payment network and help protect he national currency.
It means many Chinese have joined cryptocurrency world, they are acting a important role part of cryptocurrency world