China continues to work on digital yuan despite crisis

The COVID-19 pandemic did not affect the process of creating the Chinese digital renminbi. On April 3, employees of the People’s Bank held a teleconference on the digital renminbi topic, where the focus was on discussing the ongoing development process.

China’s insistence on using the central bank’s digital currency demonstrates its commitment to virtual currency infrastructure. Despite the problems due to the outbreak of coronavirus, the country’s central bank still pays great attention to the development of CBDC. It is assumed that the Asian country plans to launch CBDC in 2020.

During the teleconference, the progress of the central bank in creating a state cryptocurrency was seriously discussed. Officials also discussed the status of gold, silver and fiat currency in their reserves. In addition, the main priorities for 2020 were identified, among which there is the active creation of CBDC.

According to a statement, officials focused on improving the approach to this development by senior officials and the desire to continue the development of the Chinese digital renminbi. In addition, it is planned to revise the mechanisms of funds emission.

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The People’s Bank of China has been working on a digital currency project for three years now. Reportedly, the development of cryptocurrency-related core functions has been completed. At the same time, the bank sharply opposed the Libra project. It should be noted that Libra faces serious hurdles and lags in its intended release schedule.

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