- After five years of research, development and testing, the PBOC is almost launching its digital currency.
- The distribution of the digital currency will begin with institutions and banks.
Senior officials at the People’s Bank of China have confirmed that the development and testing of the country’s national digital currency have been concluded. The digital currency is referred to as DC/EP.
However, in a speech, the Vice Governor of PBOC Fan Yifei outlined that some experimental areas for the digital renminbi must be undertaken to ensure the currency is tested further in a bid to guarantee proper performance in numerous scenarios, scalability and the functions of digital but sovereign currency.
The PBOC is the body in charge of the issuing and distribution of the digital currency. However, the digital currency will not be issued to customers directly but to various institutions and banks. The RMB is meant to replace the cash circulation in the country but will not be used to disrupt the supply of money.
The RMB has been in development since 2014. Following the five-year development and testing process, the PBOC is almost ready to roll out the digital currency. The central bank is expected to "steadily promote the launch and application.”
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