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More Technology of Business. The threshold to enter is really low," he says. Although Facebook has scaled back its plans for Libra , it was still a concern for China. The social media giant plans to roll out an e-wallet known as Novi later this year.
It will work as a standalone app but can also be available on Messenger and WhatsApp. Observers like Bitfool believe that China is already further ahead of the US in the battle for the future of money.
The country is on the verge of becoming a cashless society. But they don't have the motivation like China to make the change [to a digital currency]," says Bitfool. They have very little money but they are using smartphones. If you can buy a smartphone you can use DCEP. Many Bitcoin enthusiasts fear that DCEP will be used as a tool by the Chinese Communist Party to exert greater control over their citizens through surveillance.
The authorities will be able to monitor how money is spent in real time. They will also have the same controls over DCEP as with the yuan.
The yuan is tightly controlled by Beijing and its exchange rate is the source of much tension between the US and China. The US accuses China of keeping the yuan weak to benefit its economy. The ultimate goal of a cryptocurrency is the separation of money and state," says Stewart Mackenzie, a cryptocurrency expert based in Hong Kong.
Linghao Bao agrees. The value of Bitcoin lies in its decentralisation nature and its isolation from the financial system," Mr Bao says. Observers say China wants to internationalise the yuan so that it can compete with the dollar.
Credit: Robert Alice. Those artworks are now located in countries around the world, from Switzerland to Saudi Arabia, according to a project press release. Among the first batch of collectors was Jehan Chu, the co-founder of a blockchain venture capital investment firm, who said that the cryptocurrency's early pioneers are "a fiercely proud and self-identifying tribe" that "until now, have lacked the cultural objects and icons to signify their tribe.
Now, Gentilli hopes to sell the other 20 paintings publicly -- beginning with an auction at Christie's in New York on Wednesday night. Half of the 40 paintings have already been sold to collectors and Bitcoin enthusiasts. Connections to the past. London-based Gentilli is a Bitcoin enthusiast who also trades in the cryptocurrency -- a pursuit that helped fund his art after he left his job at Sotheby's auction house to work on the project full-time.
As well as giving a physical form to a digital currency, the project also serves as a tribute to the code's inventor Satoshi Nakamoto, the artist said.
Nakamoto, who has never been identified and may be a pseudonym, is the person -- or people -- responsible for authoring a seminal white paper on the cryptocurrency and releasing the very first Bitcoin software. There's this idea that it was invented by an anonymous person, and it has no basis in the past," Gentilli said. Related video: Just how much has the internet changed art?