China Has No Exact Date To Launch its Digital Currency
Main page News, China, Central Banks

The Central Bank of the Republic of China has reported that, in spite of the numerous rumors, it has no specific date for the launch of its digital currency, local newspaper Global Times reports.

According to the newspaper, the country's central bank has denied it is ready for the imminent launch of its own digital currency.

The Global Times writes the PBoC "needs to investigate, test, evaluate and prevent risks" before the official launch of its currency.

The confirmation by the PBoC that it does not have an exact date for the launch contrasts with statements made in August by Mu Changchun, Deputy Chief in the Payment and Settlement Division of the People's Bank of China (PBOC), who said that the currency was ready and could be launched before the end of 2020, when Facebook also plans to release Libra.

In August we reported that China's central bank own currency will be transferable without the need of a bank account. This way, the CBDC will offer users a high level of anonymity while allowing a quick and easy circulation of the renminbi, since they will be able to transfer it from one place to another freely, without the need to depend on banks, and keeping their identity safe."

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