- There is no timetable for rolling out PBOC’s digital currency.
- The digital currency will have to meet regulatory requirements including those touching on anti-money laundering.
The governor of the People’s Bank of China (PBOC) Yi Gang has burst the bubble of speculation that has been surrounding the launch of a central bank-backed digital currency. Gang added that the new digital currency was going to replace part of the M0, not M1 or M2.
He also cleared the rumors that the PBOC digital currency was set for launch this November saying that there is no timetable on rolling out the digital currency. Despite being a central bank-issued currency, it will have to meet all the regulatory requirements. Some of these requirements touch on anti-money laundering.
Over the weekend an announcement via Piyao, the official rumor website for the central bank denied claims of the November launch date as well. Alibaba and Tencent will not be the first to use the digital currency as had been reported by various media platforms.
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