Chinese digital Yuan is getting closer to launch. The head of the Chinese digital Yuan project has revealed some information about the virtual Renminbi shedding light regarding the various aspects of the coin.
The head of the digital currency research at the People’s Bank of China, Mu Changchun, uncovered a lot of information regarding the ‘Digital Currency Electronic Payment’ project. As per reports, it will have wide-scale implications and implementations that will impact a vast population on the planet.
There’s more to the Chinese Digital Yuan than meets the eye
Mu explained that the digital currency would represent the Yuan’s digital form. Moreover, there won’t be any speculative market associated with Chinese digital Yuan. It is poles apart from current breed of virtual currencies that are prone to speculative trading. Additionally, it won’t be linked to a currency basket-like Facebook’s Libra. Mu continues that the team has finished a major part of the development of the Digital Renminbi.
However, he didn’t specify any launch date for the Chinese digital Yuan. The comments are opportune since speculations were doing the rounds that the communist regime has already rolled out the coin in some cities of the country. Caijing, a Chinese news outlet, reported recently that the Chinese Digital Yuan would be tested first in Suzhou and Shenzen. Interestingly, Shenzen is known as the Silicon Valley of China.
Chinese Digital Yuan is likely to be launched in 2020
The phase one of the projects will start in the next few weeks. In the second phase, the currency will be launched in the above-mentioned cities later in 2020. The PBOC has joined hands with four Chinese commercial banks besides three telecommunications companies to oversee the launch.
Given the Chinese track record of project implementation, expect the project to see the light of the day pretty soon. The implementation can seem vague in the early phases, but later on, most of the industries and sectors will be covered.
Image Source: Pixabay
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