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China’s digital currency has no official date for launch

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.

“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.”


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