China Has No Specific Date to Launch Digital Currency, Yi Gang Says

The People’s Bank of China (PBoC) has laid new contradicting comments against the previous reports that the country is close to launching its digital currency. 

On August 12, Mu Changchun, the deputy director of the payments unit of the PBoC, announced that China would soon launch a digital currency, while outlets quoted an early 2020 timeline at most the release.

However, as reported by the Global Times on Tuesday, the country has no specific date for the launch of its crypto but has made positive progress concerning their research and development of the digital currency.

The governor of the People’s Bank of China (PBC), Yi Gang said in a press conference in Beijing; there is no timetable for China to launch a digital currency, adding that PBoC still needs to research, test, evaluate and prevent risks probably associated with cryptos.

The PBoC, according to the top official, has been intensively working with a group of researchers to develop and equally introduce a prototype that would aid the creation of the digital Yuan. 

The planned digital currency would allow residents and businesses to convert between Yuan and its digital format, an effort that can improve the efficient circulation of the Yuan currency around the country and across the world, and help PBoc keep notes of transactions.

Notably, though, the report acknowledged that more regulatory measures related to anti-tax havens, anti-money laundering, and counter-terrorism financing needs to be observed if the planned digital currency will be used for cross-border businesses.

Conclusively, Yi added that China’s ultimate goal for combining the digital currency with electronic payments is aimed at activating the markets or possibly luring more investors into the country.

NordFX