PBOC head says no timetable for the launch of digital RMB currency

In an interview on key issues during the “two sessions”, the governor of the People’s Bank of China, Yi Gang, said that at present, digital RMB research and development work follows the principles of stability, safety, controllability, innovation and practicality.

In an interview on key issues during the “two sessions”, the governor of the People’s Bank of China, Yi Gang, said that at present, digital RMB research and development work follows the principles of stability, safety, controllability, innovation and practicality.

He said that digital currencies will be first tested in Shenzhen, Suzhou, Xiong’an, Chengdu and others.

This can test theoretical reliability, system stability, functional availability, process convenience, scenario suitability and risk controllability.

However, the current pilot test is still a routine work in the research and development process, and does not mean that the digital RMB is officially issued.

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

Disclaimer: This is an article created by Michael Liang for Chinasdg.org. You can find the original article here: https://chinasdg.org/2020/05/27/pboc-head-says-no-timetable-for-the-launch-of-digital-rmb-currency/.

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