###China’s Central Bank Governor: There Is No Certain Launch Date For Digital Yuan

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China's Central Bank Governor: There Is No Certain Launch Date For Digital Yuan



China’s Central Bank Governor: There Is No Specified Launch Date For Digital Yuan
People’s Bank of China, or PBoC, governor Yi Gang has noted that the central bank doesn’t yet have a certain date for the official launch of the digital yuan.




Yi provided the details in an interview with the Financial Times and China Finance, a transcript of which was released on the PBoC’s website on May 26. The interview took place during the Two Sessions, the annual meetings of the Chinese People’s Political Consultative Conference — an advisory body with more than 2,000 members — and the National People’s Congress, China’s parliament or top legislative body.



Though it has been known for a while that there is no definite date of China’s digital yuan launch, Yi’s statement affirm that point.




The PBoC has been internally testing its digital currency, otherwise called Digital Currency/Electronic Payment (DC/EP), in four cities — Shenzhen, Xiong’An New Area, Chengdu, and Suzhou — since April. Yi stated that these pilot tests are “still a routine work in the research and development process, and does not mean that the digital RMB will be officially issued. There is no timetable for when it will be officially launched.”




Yi also said that DC/EP might be used during the 2022 Beijing Winter Olympics “to verify theoretical reliability and system stability.”




When asked what’s so significant about issuing legal digital currency, Yi answered that it is “conducive to efficiently satisfying the public’s demand for legal currency under the conditions of the digital economy,” as well as to enhance the convenience, security and anti-counterfeiting level of retail payments, and to speed up the rise of China’s digital economy.




The PBOC began exploring DC/EP in 2014 and has “basically completed the top-level design, standard formulation, function development, joint debugging test, etc. under the premise of double-layer operation, cash (M0) substitution, and controllable anonymity,” as stated by the governor.




While Yi stated there’s no date for digital yuan launch, an industry insider told The Global Times that China could speed up the launch of DC/EP to shield from potential threats from the U.S.



“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,” Beijing-based blockchain industry insider Cao Yin told the Global Times.