China’s Central Bank Affirms That National Digital Currency Has No Timeframe For Launch
China has confirmed its plans to launch its own central bank-based digital currency but does not have a timeframe right now. This is what the local media outlet Global Times revealed after the local central bank, the People’s Bank of China, commented on the situation of the project.
The governor Yi Gang was quoted by the media outlet affirming that the bank still needs to evaluate some of the risks and to make more tests before the asset will be available for the population. According to him, the development of the national currency has moved quite a lot until now, but the country doesn’t have any timeframe for the launch at the moment.
Another deputy director of the bank, Mu Changchun, affirmed last month that the token was ready for launch, so the information is contradictory, to say the least. When we consider that the bank even denied the claims that the project existed some time ago, it is hard to say with some certainty how the project is faring.
Who Will Launch Its Crypto First? Facebook or China?
There is a lot of speculation going around right now on whether Facebook or China will release their token first. Libra has its launch scheduled for the end of 2020, but it is facing a lot of regulatory issues. China, on the other hand, would not face regulatory issues, but we are unsure about how complete the asset actually is.
Whoever takes the lead will have an important headstart in dictating how the world of centralized digital assets will work, despite the fact that Facebook and China will act on very distinct places.