China’s Central Bank Governor Hails Digital Currency Progress, Says no Schedule for Launch

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The head of the Chinese central bank has said that work on its own digital currency has achieved significant headway.

Speaking at a press conference in Beijing on 24 September Yi Gang (易纲), governor of the People’s Bank of China (PBOC), said that research into digital currency had obtained “positive progress,” making reference in particular to integration with electronic payments.

Yi said that there was no “preset technological path” for the development of a digital currency in China, and that consideration is being given to blockchain and electronic payment options.

The goal for digital currency in China will be the replacement of part of the M0 money supply, as opposed to the replacement of the M1 or M2 money supply.

Yi also said that digital currency will not change existing channels for monetary injection, and that there is still no set timetable for the launch of a statutory digital currency in China.

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