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The People's Bank of China says it will start allowing people in China to use the country's new digital currency instead of the country's traditional currency, the People's Bank of China reported on its website Tuesday.
The DCEP, or digital currency electronic payment, is expected to reduce transaction costs and make it easier for people in the country who aren't in the banking or financial industry to make payments, the BBC reports.
It's also expected to help manage the flow of money in the economy, according to the Wall Street Journal.
The People's Bank of China says people will be able to use the DCEP to pay for goods and services in China, pay bills, and make payments in the currency, the South China Morning Post reports.
The paper notes that the currency, also known as the renminbi, has been in use since 2005.
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A customized collection of grant news from foundations and the federal government from around the Web.
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