Despite ‘Fraudulent’ Launch Reports, China’s Central Bank Is Still Researching CBDC’s
- Multiple news reports have released projected timetables on the launch of the digital yuan.
- The research on the creation of PBoC’s digital yuan has been ongoing for five years.
Despite having a longtime ban against cryptocurrency, the People’s Bank of China recently decided to research the use of digital currency for themselves. While there have been multiple news reports stating that the central bank has already issued digital currency, the PBoC has stated that the claims are “fraudulent.” Instead, the official statement from the bank is that they are “still in the process of research and testing.”
The PBoC added, “The People’s Bank of China has not issued legal digital currency (DC/EP) and has not authorized any asset trading platform to conduct transactions.” Even with this official statement, some news outlets have put out projected launch timetables, which the central bank has stated is “inaccurate.” The bank remarked, “The market transactions ‘DC/EP’ or ‘DCEP’ are illegally set digital currency, and the legal digital currency issuance time is inaccurate.”
No details are directly available from the PBoC regarding a schedule or even a launch date. Warning the public, the PBoC stated that the launch announcements could involve “fraud and pyramid schemes.”
The research regarding the development of digital currency has been an ongoing effort since 2014 for China, and it is “almost ready” for launch, according to head of the digital currency research institute Mu Changchun. Yesterday, Changchun stated that the information of the people will not be controlled by the digital yuan. On the contrary, its launch will offer the people anonymity with their transactions.