According to Bank of China’s latest official statement, the China’s central bank will proceed to issue national digital currency
People’s Bank of China has not announced any launch date yet. The development of national digital currency is one of top priorities for 2020. However, Bank of China had promised issuing digital yuan many times in the past, what undermines credibility of the latest statement.
Back in 2018, the bank had promised to complete the development to a phase, when the digital yuan could be launched soon. Last year, the bank promised speeding up the process and its adaptation to trends in the cryptocurrency environment. The current coronavirus pandemic should serve as an opportunity to launch such a project.
The Bank for International Settlements (BIS) has recently stated that the global pandemic could cause massive usage of crypto currencies. First reason is fear of people to use cash as a potential source of infection and secondly, the economy and life shifted to online environment. Bank of China could finally deliver on its promises.
