China Delays Digital Yuan Research Due to Coronavirus
Main page News, China, Cryptocurrency, Coronavirus
Hot topic
Feb. 26, 2020
300 300

The People's Bank of China has delayed the research of the digital yuan, scheduled for the first quarter of 2020, the Global Times has reported citing several sources.

However, the launch of the Chinese digital currency has not been affected, as the central bank has the technological base, resources and talent to continue with the project.

The pilot version of China's central bank digital currency (CBDC) will now be launched in late 2020.

The country's central bank reported last month the development of the currency was progressing as expected and that its design was complete.

The digital yuan will firstly be distributed to commercial banks and later to users and businesses, which will be able to register digital wallets with these banks. The distribution of the currency will first take place in the Chinese cities of Shenzhen and Suzhou.

The coronavirus epidemic, which has its focus in China and is spreading rapidly around the world, is affecting organizations all over the world. For instance, the popular mobile phone event Mobile World Congress, which is held every year in Barcelona, has been cancelled after many of its participants decided not to attend.

Subscribe to our Telegram channel to stay up to date on the latest crypto and blockchain news.

Read also:
Please describe the error