china digital currency launch
China’s digital currency has no official date for launch
September 24, 2019
china digital currency launch
China’s digital currency has no official date for launch
September 24, 2019

China’s central bank or PBoC recently commented that it has no specific date for the launch of its digital currency.

On Sept 24th, Global Times reported that its central bank, People’s Bank of China has contradicted in new statements by denying Beijing’s launch of its national digital currency.

The report did not directly quote governor Yi Gang but it said that PBoC “needs to research, test, evaluate and prevent risks”.

The report further mentioned that:-

“China’s research and development of digital currency has achieved positive progress, but the country has no timetable to launch a digital currency so far.”

Contradictory statements

Deputy director Mu Changchun commented on August that the digital currency is complete and just waiting for its launch.

Changchun added that China’s national digital currency might be released just before towards the end of 2020 when Facebook plans to launch its digital currency Libra.

Authorities under PBoC said that development of its token came as a response towards Libra.

ALSO READ :  Libra Forms Governing Council after Big-Name Departure

“Earlier this month, Mu suggested it would help secure monetary sovereignty and formed part of prudent economic policy planning.”

Governor Yi Gang said that China’s national digital currency would “replace part of the yuan’s M0 money supply, rather than touch M1 or M2.”


Disclaimer

Crypto News Point a news platform of Digital Notice Media Labs is primarily a regular publication of information, commentary and articles focused extensively on fintech, blockchain technology, cryptocurrency, blockchain-based tokens, cryptocurrency market trends, and trading strategies. We do not provide individually tailored investment advice and does not take a subscriber’s or anyone’s circumstances into consideration when discussing investments, nor is Crypto News Point registered as an investment adviser or broker-dealer in any jurisdiction. Information contained herein is not an offer or solicitation to buy, hold, or sell any digital assets.

Affiliate Disclosure: To help support the work we do here at CNP, we often link to products and deals from around the web. Should you buy some of these, we may get a portion of the sale.

We in generally gather content from the major websites. In every article there is always a clear link and attribution to the source publication. If you have any issue with any of our published content taken from your site, kindly let us know so that we can take appropriate action. In any case, the content of the pages of this website is for your general information and use only. It is subject to change without notice.

You May Also like

Jafrin Ahmed

Crypto newbie passionate about creating resourceful content on blockchain technology, different cryptocurrencies and decentralized apps.
Share This

Share This

Share this post with your friends!