PBOC Says Development of Central Bank Digital Currency Still on Track Despite COVID-19 Outbreak

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The People’s Bank of China (PBOC) says that its work on a central bank digital currency (CBDC) is ongoing despite the impacts of the outbreak of the COVID-19 pandemic at the start of 2020.

PBOC said that it would “firmly and unwaveringly advance statutory digital currency research and development” at its recent 2020 National Money, Gold, Silver and Security Protection Teleconference held in Beijing (2020年全国货币金银和安全保卫工作电视电话会议).

The Chinese central bank also said that it would “systematically advance reforms to cash issuance and withdrawal systems and accelerate cash handling operations.”

According to PBOC the outbreak of the COVID-19 pandemic has led to the “money, silver, gold and security protection system strengthening cash supply and liquidity management, fully guarantee the security of cash supply and usage.”

In Au­gust 2019 an of­fi­cial from PBOC said that the launch of a CBDC in China was “im­mi­nent” fol­low­ing a five-year pe­riod of de­vel­op­ment since 2014. 

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