China’s PBoC Governor Clarifies On The Possible Launch Date Of The Digital Yuan (DCEP)

No schedule has been set for launching the CBDC as they are still heaving in research and testing of the DCEP.

  • No set date for the release of the long-awaited digital Chinese Yuan, top Peoples’ Bank of China (PBoC) official clarifies.

In an interview published on the official PBoC website by the Financial Times and China Finance, Governor Yi Gang, clarified on the heated launch of the digital yuan project stating the project does not have a timetable on launch. On the question of the possible launch of the digital currency/electronic payments system (DC/EP) program, Yi said,

“There is no timetable for when it will be officially launched.”

The development of a digital RMB has been in plans since 2014 when the PBoC began its official research on digital currencies. In November 2017, the government-controlled bank announced the start of its research and development of the digital yuan (DCEP) project in partnership with some of the top financial institutions and banks in the country.

The project, which has been relatively secret from the public eye is rumored to be testing pilots across different provinces in the country. On the testing, Yi confirmed that the PBoC has been conducting closed internal pilot tests in four major cities including Shenzhen, Suzhou, Xiong'an, and Chengdu. Notwithstanding, Yi said the system may be available for use in the upcoming 2022 Winter Olympics to “verify theoretical reliability, function availability, process convenience, scenario applicability, and risk controllability.”

The quickened efforts on the DC/EP project however does not mean the digital yuan will be officially issued by the bank, Yi said raising the doubt on possible issuing by the PBoC.

Also Read: Digital Yuan's (DCEP) Ability to Dominate Cash Depends on 4 Keys: Former Bank of China President

PBoC’s blockchain development continues

The China Communist Party (CCP) is leading the efforts in establishing a blockchain-friendly economy across the country. In the first meeting of the PBoC financial committee, chaired by Fan Yifei, the officials laid out plans to accelerate the overall blockchain development in preparation for the set 2021 deadline.

However, the latest comments from PBoC’s governor, Yi, may mean a longer wait for the digital yuan.

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Lujan Odera
Lujan Odera
Lujan is a blockchain technology and cryptocurrency author and editor. He has worked in the field of cryptocurrencies and blockchain technology since 2015 helping him gain enough experience to be the writer he is today. He is known for his simple writing style that allows novices to understand the field in the simplest way.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

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