Despite the delay, the People’s Bank of China (PBoC) is closer to launching its official digital currency than people might expect. China is on the way to becoming the first major country to launch its national digital currency. Several other countries are also working on a centralized cryptocurrency that we might see in the future.
PBoC is working on legislation before the CBCD is released.
The People’s Bank of China is quite close to launching its national digital currency. The central bank of China by working together with several large private companies, has finished the development process and is working on the proper legislation before the CBDC is released. After the coronavirus outbreak, the People’s Bank of China had delayed the launch of its national currency indefinitely.
Central Banks take extreme measures to fight economic impact of coronavirus pandemic.
The central banks all over the world have taken extreme measures to stop the financial markets from crumbling. Earlier, USA Federal Reserve announced an unlimited quantitative easing to help financial markets in the country. In addition to that, lawmakers announced a $2 trillion stimulus package that also benefits working-class people and small businesses in the country. Canada, UK, and other European countries also announced massive stimulus packages.