China has no idea know when it will launch its digital currency
Despite reports last month that China was readying itself to deploy its own government digital currency, it now seems the country is not so surefooted regarding the asset’s roll out.
In a press conference in Beijing yesterday, The People’s Bank of China’s (PBoC) governor Yi Gang said that there is “no timetable” for the launch of its new digital currency, South China Morning Post reports.
Last month, reports surfaced which stated the PBoC had allegedly said its digital currency was “almost ready.” The sources were said to be a former employee at a Chinese institution pegged to receive the currency and someone “involved in the development of the Cryptocurrency,” Forbes reported.
It was even believed that the digital currency could be released in time for November 11, China’s busiest shopping day.
While a change of launch date and delay is one thing, China’s digital currency may be much further from reality than first thought.
Yi added that the digital currency requires more “research, testing, trials, assessments, and risk prevention.” What’s more, it would be tightly controlled by the government rather than being built on “pure Blockchain” technology.
Presumably, this makes China’s proposed digital currency note-worthy in absolutely no way shape