Governor of the People's Bank of China (PBOC) Yi Gang has held back the general idea that China will launch its national digital currency soon. According to Gang, there is currently no plan for the official launch of a digital yuan.
Speaking to the Financial Times and China Finance as revealed by the PBoC, Gang specifies that China's main bank is not planning a launch. The Governor says that although China is currently running pilot tests of the digital yuanThe evidence should not be taken by the general public as evidence that a digital yuan will soon be available to the public.
According to him, the evidence is simply "Routine work in the research and development process, and there is no timetable for when it will officially launch."
In April, China began testing its digital central bank currency (CBDC) in four county cities, including Xiongan, Shenzhen, Chengdu, and Suzhou. In Suzhou's Xiangcheng District, testing began with transportation subsidies.
Workers from some district agencies began receiving these grants at CBDC. The tests are also run by four major Chinese banks, including the Industrial and Commercial Bank of China, the Agricultural Bank of China, the Bank of China, and the China Construction Bank.
Although there is no calendar, Gang believes that the digital yuan is a step in the right direction. Speaking in the interview, the central bank governor said the digital yuan is a good way to meet public demand for the currency, especially as the economy is progressively becoming digital.
China is said to have accelerated research and development of its digital currency, due to the early threat of Pound From Facebook. However, aside from the Pound, the digital yuan could be a great way for China to maintain greater independence from power and control of the dollar, especially with international trade.
Even though Gang has said there is no timeline, there is still a good chance that China may launch the CBDC earlier than planned if the United States plans a counterattack.