The Future of Cryptocurrency? China's Entirely Digital Currency Explained (DCEP) - TLDR News

The Future of Cryptocurrency? China's Entirely Digital Currency Explained (DCEP) - TLDR News

Assessment

Interactive Video

Social Studies

11th Grade - University

Hard

Created by

Wayground Content

FREE Resource

China's digital currency, DC/EP, aims to revolutionize the financial system by introducing a state-controlled digital currency. It offers advantages like reduced transaction costs and offline functionality but raises privacy concerns. The initiative strengthens China's monetary sovereignty and challenges private cryptocurrencies like Facebook's Libra. Additionally, it positions the yuan to compete with the US dollar as a global reserve currency.

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10 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What was the primary reason for China to introduce the DC EP?

To compete with Facebook's Libra

To modernize its financial system and enhance monetary control

To increase the value of the yuan

To replace the US dollar as the world's reserve currency

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is one reason China is ahead of other major economies in digital currency development?

It uses blockchain technology

It relies on private companies

It started research in 2014

It has a decentralized approach

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How does the DC EP differ from most cryptocurrencies?

It uses blockchain technology

It is decentralized

It is not accepted for taxation

It is tied to the value of the yuan

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is NOT an advantage of DC EP over traditional mobile payment systems?

Lower transaction costs

Offline functionality

Increased privacy

Hygiene benefits

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How does the DC EP aim to reduce transaction costs?

By charging higher fees for international transactions

By using blockchain technology

By eliminating third-party intermediaries

By increasing the value of the yuan

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a potential benefit of DC EP for rural communities?

It can function offline

It requires constant internet access

It is only available in urban areas

It increases transaction fees

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a major privacy concern associated with the use of DC EP?

It requires a third-party app

It is not accepted outside China

It allows anonymous transactions

It tracks all user spending habits

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