Earlier it was reported that the central bank of China had delayed its plans to go through with its digital Yuan dubbed as DC/EP. But in a recent statement, the People’s Bank of China disclosed that the country’s digital currency program will push through as expected. According to Sina Finance, the PBOC (1) conducted a “Quarterly Finance Statistics Data Presentation” last week as a follow up on the progress of the country’s planned launch of its centralized digital currency.
PBoC is prioritizing the launch of its CBDC.
The People’s Bank of China has been working on its digital currency from the last 5 to 6 years and is quite close to launch it to the general public. Coronavirus outbreak that emerged from the Chinese city of Wuhan had caused the central bank of the country to put the launch of CBDC on hold, but the bank is now saying that they will go through with the program as planned. The central bank announced that it had adopted various financial measures in response to its economic recovery program, and a total of 3.3 million yuan of related initiatives have been introduced so far.
China to become the first major nation to launch CBDC.
China has been planning to launch its national digital currency for a very long time. The central bank of China was expected to launch its centralized digital currency sometime this year, but due to the coronavirus outbreak, the plan was put on hold according to local reports. But now the central bank has clarified that they will go through the program as planned. China will become the first major nation to issue a CBDC if it goes through with its plan to launch DC/EP sometime this year.
Earlier, the Bank for International Settlements released a report saying that the demand for digital payments amid the coronavirus has increased. Zhou Xuedong, PBOC director, noted that over 95 percent of daily micropayments are being made via mobile payments these days.