China Central Bank Governor Said No Fixed time to Launch Central Bank Digital Currency

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              Quick Summary

  • Yi Gang, governor PBOC,  People’s Bank of China has said that there is no particular fixed dating for the legal introduction of the digital Yuan.
  • In two parts of an infrequent broadcast during the Two sections, Yi said the present ground level tests are “still a routine work in the research and development process, and does not mean that the digital RMB will be officially issued. There is no timetable for when it will be officially launched”

Yi Gang, governor of the People’s Bank of China, said that there is still no specific fixed date by the central bank of China to introduce Yuan officially.

Yi disclosed the data in a conversation with the Financial Times and China Finance, a text of which was released on the PBOC’s website on Tuesday.

The broadcast was taken in two parts, Chinese People’s Political Consultative Conference – an consultative council of over 2,000 members ,the National People’s Congress, China’s parliament or top legislative body, the yearly gatherings.

Hence, it has been familiar for a while that there is no fixed date for China’s digital currency introduction, Yi’s comments confirm that thing again.

The PBOC has been indoor trials of its digital currency, called Digital Currency/Electronic Payment (DC/EP), Shenzhen, Xiong’An New Area, Chengdu, and Suzhou – in these four cities from April.

Yi informed these basic level trials are “still a routine work in the research and development process, and does not mean that the digital RMB will be officially issued. There is no timetable for when it will be officially launched.”

“to verify theoretical reliability and system stability” DC/EP might utilize Yuan during the 2022 Beijing Winter Olympics, Yi also declared.

When asked what’s the importance of emerging official digital currency, Yi said it is “conducive to efficiently satisfying the public’s demand for legal currency under the conditions of the digital economy,” also for better comfort, safety and anti-counterfeiting level of retail payments, and to gear up the advancement of China’s digital economy.

The PBOC initiated developing DC/EP in 2014 and has “basically completed the top-level design, standard formulation, function development, joint debugging test, etc. under the premise of double-layer operation, cash (M0) substitution, and controllable anonymity,” confirmed the governor.

As Yi said that no confirmed date for introduction, industry insiders told The Global Times that China could gear up the introduction of DE/EP to counter efficiency threats from the U.S.

“Although the US hasn’t put Chinese financial firms and institutions onto its Entity List, the US may still pose widespread threats to Chinese institutions and impact the yuan’s standing in international settlement. In this regard, China’s state-run digital currency may be rolled out sooner than expected to counter a possible US block,” Beijing-based blockchain industry insider Cao Yin told the Global Times.

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