China gives away $1.5 mln in digital currency trial

Central banks worldwide are racing to modernize their payment systems through the issuance of digital currencies. They hope they can fend off potential competition from privately released crypto-currencies, digital currencies that can used independently of national central banks and governments. Here in China, the central bank has started a pilot program for a payment system known as Digital Currency Electronic Payment or DCEP. It's one of the biggest real-world trials of the technology as the country pushes towards a cashless future. So what exactly IS the DCEP and how does it work? Here's a quick intro.