Central Bank of China Says There Is No Official Date For Digital Yuan Launch
Main page News, China, Central Banks, Cryptocurrency
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May 27, 2020
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Yi Gang, governor of the People's Bank of China (PBOC), the country's central bank, has said that there is no official date for the launch of its digital currency at the moment.

He confirmed during an interview with the Financial Times and China Finance the country's central bank does not have a specific timetable for the launch of its central bank digital currency (CBDC).

While this was already rumored, it has now been confirmed by the governor of the bank.

The PBOC has been testing the digital yuan for quite some time. Thus, in January iHodl reported the country's central bank had said the high-level design of the currency had been fully completed. Shortly after, it was known the bank had started to test the currency in four Chinese cities in April: Shenzhen, Xiong'An, Chengdu and Suzhou.

However, the fact that the coin is already being tested does not necessarily mean it will be launched imminently. Yi said these pilot tests "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."

Nevertheless, we actually have some clues as to when the launch might occur, as Yi said the digital yuan could be used during the 2022 Beijing Winter Olympics.

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