Rumors and the Exact Launch Date for Digital Currency in China

Judy Rubio

The digital version of the national currency in China does not yet have an exact launch date. The Bank of China arranged the meeting and invited the mass media outlets to report the latest news and discuss further actions. The bank’s representatives announced that it was essential for them to clarify a few important aspects. The officials claim that they have not yet determined any timetable and they are not ready to tell when they will perform the formal launch of the digital Yuan. The press has noted that the bank keeps on working on its projects improving its pilot version.

PBoC took part in an interview which the bank’s official website published. During the interview, Yi Gang, the governor of PBoC had to answer numerous questions related to the cryptocurrency’s official launch day. The officials commented and said that the tests they are currently carrying out are part of routine activities. They continue their research program and invest much time in the development – the digital currency will soon be available, but that might take a bit more time to happen. He also replied that the bank hasn’t made any specific schedule hence the bank’s representatives cannot reveal any details.

The governor mentioned how the team is promoting their pilot test. The developers carry out a lot of studies and analyses in various cities. The list includes Chengdu, which is known as a new area belonging to Xiongan. Some members work in Suzhou and there are plenty of important tasks that they perform in Shenzhen.

Later on the journalists published the interview. One of the most popular media outlets also spread the news. The Global Time as well as several other influential sources informed their readers about the event. Some reports suggest that the country might be willing to boost up the launch of the new digital currency. This is an essential step the authorities have to take if they intend to avoid potential financial risks coming from the USA. This measure would also help resolve issues that occurred after the pandemic – the country hopes to receive aid funding to support the country’s population after the coronavirus crisis.

Progressing and Developing since 2019

The local newspapers say that the United States does not have Chinese institutions and financial bodies in its Entity List. At the same time, the American government may cause trouble. Due to this issue, the banks may launch the digital currency sooner than expected.

The currency will be under the central bank’s supervision and control. This approach will help the officials see whether the weaker firms receive the aid money. The country’s government is going to offer its assistance to corporations and a tax cut of around three hundred and fifty billion USD.

Libra was the crypto that accelerated the development of the digital Yuan project. Last year official representatives said that the central bank was very close to launch the crypto. Since there was no official deadline and the bank had no timetable for the event, the situation generated rumors. As a result, the industry faced another problem and that was the number of impersonators who tried to benefit from the confusion linked with the digital money. The digital currency looks very attractive to many people since they realize how many new opportunities this project will open. The new currency will serve as an efficient tool that the industry can apply to solve financial problems and help thousands of people experiencing the post-COVID-19 crisis.