‘There Is No Timetable For Launch of Digital Yuan’, Says Governor of China’s Cen

[rasangaya]

‘There Is No Timetable For Launch of Digital Yuan’, Says Governor of China’s Central Bank




The governor of the People’s Bank of China (PBOC) Yi Gang, has put a damper in the general idea that China will launch its national digital currency soon. According to Gang, there is currently no plan at all for an official launch of a digital yuan.

Speaking with Financial Times and China Finance as revealed by the PBoC, Gang specifies that China’s apex bank is not currently planning a launch. The governor says even though China is currently running pilot tests of the digital yuan, the general public should not take the tests as evidence that there will soon be a publicly available digital yuan.

According to him, the tests are merely “routine work in the research and development process…[and] there is no timetable for when it will be officially launched.”

Check here: Visit

[Noverteno]

It’s a little strange to hear this after the announcement that it will be the launch of the digital renminbi in China in May. I already expected that this national stable coin of China is about to appear. However, despite such a statement by the Governor of the People’s Bank of China, I don’t think they will delay the release of their digital renminbi, since the coronavirus has not yet been defeated, its second wave is possible and the emergence of the digital renminbi and the restriction of cash flow is one of the tools to combat the spread of this virus.

[sampoerna]

Really? This is a big project by China government. Do they really not have the timetable? Litle bit strange. But whatever it is, China may have their secret and ways to make the digital Yuan booming first in order to introduce it to the world

[bigcash2011]

Definitely they will have to test it and also implement it to all across the departments and online governmental services so it is a lot of work, it will be great even if they successfully launch it in 2021.

[Senin]

Apparently, this is just a bit of an emotional statement by the Chairman of the People's Bank of China. The work on creating a digital renminbi is in full swing there and it does not stop. Perhaps, indeed, there are no clear dates for its introduction, although they previously wrote about May. It should be noted that this is a completely new type of financial asset and there is no need for rush in this matter. I think that the Chinese government clearly understands the importance of introducing the digital renminbi into circulation, but the coronavirus and the impending global economic crisis are making adjustments to the plans.

[Magician]

It sounds like China wants to come up with "digital yuan" as a solution to the US' trade war. However, this idea is not easy to come true since China doesn't have many allies. As far as I know, only Pakistan, Combodia and some African countries are friendly with China. Obviously China can force these countries to use its digital yuan but does it make sense when they're small and have no influence in the world.

[Alcor]

I am sure that China has not stopped working on the creation of its digital renminbi. Now its testing is ongoing and its launch will occur immediately, by which time everything will be ready for this. The Chinese government will probably understand that the sooner they launch their digital yuan, the more the country's economy will benefit. However, rush is not needed in this matter.

[MrSpasybo]

It’s a little strange to hear this after the announcement that it will be the launch of the digital renminbi in China in May. I already expected that this national stable coin of China is about to appear. However, despite such a statement by the Governor of the People’s Bank of China, I don’t think they will delay the release of their digital renminbi, since the coronavirus has not yet been defeated, its second wave is possible and the emergence of the digital renminbi and the restriction of cash flow is one of the tools to combat the spread of this virus.

I have the same opinion as you, because China is making clear moves to prepare to issue Yuan on the blockchain. However, I don't think this has much to do with COVID-19, which is China's long-term plan to take a position in the crypto economy.
The Yuan currency will affect the world more strongly than USDT.

[TomPluz]

China is not yet launching the digital yuan because it is not yet that ready, and they are still assessing the possible risks and rewards that can come with the digitalization of their national currency. China is taking the time necessary to assess things. A big decision like this can't be done with haste as it can have many global ramifications financially.

[Quart]

Really? It really doesn't make sense. this is a great project, how can they do not have a certain timetable? I believe that they actually have it but will not let it come up to the surface and found by other parties. the digital Yuan is a big project once more.

[Fenix]

Really? It really doesn't make sense. this is a great project, how can they do not have a certain timetable? I believe that they actually have it but will not let it come up to the surface and found by other parties. the digital Yuan is a big project once more.

It is possible that in China there are no specific dates for the introduction of the digital renminbi. To plan, you need some good practice, and the digital currency of states is just being developed. In addition, China is always looking for its own ways to solve the problems of the economic and financial plan. Therefore, I am sure that they will not delay the release of their digital yuan. I think that the Chinese government is fully aware of the importance of quickly introducing its national stable coin and are doing everything possible to get ahead of their competitors, and especially the United States.

[damsix]

Don't launch a digital coin for China Yen because it is very dangerous for them if you don't want the country or assets destroyed.

I think like that because China is in a period of conflict with various countries. This situations is bad for China !
China is now heating up within its borders in India, then in the South China Sea all ASEAN countries have banded together to expel China because it has acquired the South China Sea into its territory.

[KryptoBull]

All information from China is very difficult to verify. Just a month ago they had information about promoting blockchain development & launching the Yuan cryptocurrency to compete with USDT/PAX, but now they deny it. So are previous sources unreliable or has China changed its blockchain strategy because of the impact of the COVID-19 pandemic?

[Bobcrypto]

I think all these stories about China stable coin launch may end up as speculation. These stories look like the case of Russia claimed to be supporting the blockchian technology in the past but all the different news on it amount to endless stories. Let China come up with a tangible info about any plan to Launch the Yuan stable coin to remove every doubt from the crypto community.

[Good Eve Igwe]

YES I DONT KNOW WHY CHINA WONT BE QUICK ABOUT IT