Chinas digital currency is far from being ready

There is no schedule for the digital yuan yet

Yi Gang, governor of the People’s Bank of China, also gave details of the digital yuan in an interview with the Financial Times and China Times, which was released on the PBOC’s website on Tuesday.

It has been known for a long time that there is no timetable for the introduction of the digital currency, but Yi wanted to confirm it again.The Volksbank of China has been testing its digital currency in four cities since April.

 

Official Statements

Yi said these pilot trials are still routine work in the research and development process and do not mean that the digital yuan will be officially issued.However, Yi confirmed that it may be used to test theoretical reliability and system stability during the Beijing 2022 Winter Olympics.In response to the question in the interview about the importance of issuing legal digital currencies, he said this was conducive to efficiently meeting public demand for legal currencies under the conditions of the digital economy, as well as convenience, security and counterfeiting security and Improve retail payments and help accelerate the development of China’s digital economy.