China’s Central Bank: Digital Currency Has ‘No Timetable’ for Launch

Must Read

Can XRP defend its price?

Could XRP defend its price action, and rise back to $0.30? Here is my view on how...

With a 110% increase in crypto wallet adoption rates in 2020 are we set for another Bitcoin boom?

2020 has been a massive year for crypto adoption. In July alone, over 3.5 million crypto wallet app downloads...

DeepTradeBot: The innovation of large companies at your service

DeepTradeBot is a collection of automated trading tools developed by Deep Neuro Networks LTD, a London, England-based company...
- Advertisement -BTCClicks.com Banner
Earn Free Bitcoin

China has no specific launch date in mind for its digital currency, its central bank has said in fresh comments contradicting previous statements.

Central bank governor: We need time to research

As local English-language news outlet Global Times reported on Sept. 24, the People’s Bank of China (PBoC) has now denied Beijing is ready to debut its new financial asset.

According to the publication, which did not quote governor Yi Gang directly, the PBoC “needs to research, test, evaluate and prevent risks.”

“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,” it summarized.

Conflicting official accounts 

The remarks contrast with those made by deputy director Mu Changchun in August. As Coinworld360 reported, at the time, the impression from the PBoC was that the digital currency was complete and awaiting launch. 

This, he added, could happen before the end of 2020, when Facebook plans to release its own private digital currency, Libra.

The PBoC had indicated the development of its own token had accelerated as a direct response to Libra, despite authorities eyeing a digital currency for several years. 

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

Yi meanwhile also played down significance in that area, saying the digital currency would replace part of the yuan’s M0 money supply, rather than touch M1 or M2.

- Advertisement -
- Advertisement -

Latest News

Wyoming Amends Insurance Code to Allow Insurance Companies to Invest in Bitcoin & other Cryptos

In the first provision of its kind, Wyoming is allowing the domestic insurers to invest...
- Advertisement -Earn Free Bitcoin

Flyp.me Instant Crypto Exchange Now Supports REN Token Trading

Decentralized finance is leading the way of the cryptocurrency industry, with the REN Protocol at the front. REN Protocol is...

BLOCKCHAIN OVERCOMES POSSIBILITY OF FRAUD, LACK OF TRANSPARENCY AND TRUST IN THE GAMBLING INDUSTRY

DATE: 07/08/2020 In a recent study carried out by the UK Gambling Commission reveals that the gambling industry has...

The Kuailian Ecosystem, Bringing Blockchain Technology To The World

10 years have passed since the birth of Bitcoin and the first use of Blockchain, a technology that has not stopped evolving,...

Its’ Finally Here A 100% Local Non-Custodial P2P Cryptocurrency Marketplace.

Finfreeotc is soon launching a one of a kind peer to peer cryptocurrency market place. Their marketplace is 100% non-custodial,...