People's Bank of China clarified that there is still "No timetable" on a formal digital yuan launch.
"These tests are just routine work for the research and development of the digital currency. No schedule for an official launch has been revealed."
The pilot test referenced by Gang has been carried out in the cities of Shenzhen, Suzhou, Xiongan new area, Chengdu, and the future site of the winter Olympics.
Soon after the interview was published, the Global Times, a local state-controlled media outlet, ran an article suggesting that China may speed up the rollout of its CBDC to ward off potential financial threats from the United States and manage post-COVID-19 aid funding.
"Although the U.S. hasn't put Chinese financial firms and institutions onto its Entity List, the U.S. 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 U.S. block."
According to Cao, the central bank-controlled digital currency would allow the government to trace aid money and make sure it reaches the firms in need.
As part of COVID-19 economic damage control, China reportedly aims to raise the deficit-to-GDP ratio to over 3.6 percent and propose a 2.5 trillion yuan tax cut for corporations this year.
In 2019, the development of the digital yuan project was reportedly accelerated due to the announcement of Facebook-backed cryptocurrency Libra.
Already at that time, official sources claimed that the PBoC was almost ready to launch its CBDC. As recently reported by Cointelegraph, the absence of an official timetable, coupled with regular reports confirming that the digital yuan project is being actively worked on, has already created space for digital yuan impersonators hoping to get a scoop.
Digital Yuan Has No Launch Date, Bank of China Stresses Amid Rumors of Looming Rollout
gepubliceerd op May 26, 2020
by Cointele | gepubliceerd op Coinage
Coinage
Recent nieuws
Alles zien
Blockchain Bites: Bitcoin's Run, Uniswap's Hemorrhaging Value, Anchorage's Banking Bid
Bitcoin is nearing all-time highs in price and market cap last set three years ago.
Japan's megabanks to lead experiment with digital yen
We have, in order, Cheese Bank with a $3.3 million theft, Akropolis with its $2 million loss, Value DeFi with a whopping $6 million exploit and finally Origin Protocol's loss of $7 million.
Number of new Bitcoin addresses spikes amid growing FOMO
Japan's three largest banks, as part of a group of 30 private sector actors, are set to collaborate on an experiment with a digital yen.
Not just Wall Street: Quant trader explains why Bitcoin price is going up
Sam Trabucco, a quantitative trader at Alameda Research, believes four general factors are pushing up the price of Bitcoin.