Chinese digital Yuan development on track despite COVID-19 setback

The development of the Chinese digital Yuan seems to be unphased by the current COVID-19 pandemic. A teleconference was conducted on the Chinese digital Yuan by the officials of The People’s Bank on April 3. The primary focus of the call was to discuss the ongoing developments of the virtual Renminbi.

China’s relentless pursuit of a central bank digital currency, or CBDC, shows its commitment to the virtual currency infrastructure. Despite facing challenges in the recent past due to coronavirus outbreak, the country’s central bank still places a high priority on CBDC development. Recent reports suggest that the Asian country is planning to launch a CBDC sometime in 2020.

Central bank meeting focused exclusively on Chinese Digital Yuan

The teleconference involved in-depth discussions regarding the central bank’s progress on its state cryptocurrency. Officials also discussed the status of gold, silver, and fiat currency in its reserves. They further discussed the top priorities for 2020, which involved progressive CBDC development.

As per the official statement, the officials laid emphasis on improving the top-level approach and unwaveringly pursue the research and development of the Chinese digital Yuan. Moreover, they also seek to promote the cash issue and associated return mechanism reforms. The meeting also discussed how to fast-track the banknote processing mechanisms and issuance funds.

China is fast-tracking CBDC plans for 2020 launch

The People’s Bank of China is working on a central bank digital currency project for the past three years now. Reportedly, it has finished the basic function design related to the cryptocurrency. Despite the COVID-19 setback, it seems the organization looks on track to launch the Chinese digital Yuan in 2020.

At the same time, it has shown stiff resistance to Facebook Libra. It must be mentioned that Libra is facing repeated delays for many reasons. Whether it is regulatory or technical, the Libra Association is behind schedule considering their earlier lofty deadlines.

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