Still No Release Schedule for China’s Central Bank Digital Currency: PBOC

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A senior official from the Chinese central bank says there is still no date for the official rollout of its digital currency/ electronic payments (DC/EP) system following internal testing since April.

Sun Guofeng (孙国峰) head of the Peo­ple’s Bank of China (PBOC) mon­e­tary pol­icy de­part­ment, said that at present closed, internal testing of the DC/EP was still being conducted at Shen­zhen, Suzhou, Xiong’an New Dis­trict, Chengdu and the Beijing Win­ter Olympics sites.

According to Sun the tests which were first publicly announced in April are focusing on “theoretical reliability, systemic stability, functional practicality, procedural convenience, site applicability and risk controllability.”

Sun made the re­marks at a rou­tine press con­fer­ence of the State Coun­cil held on 25 Au­gust, with the par­tic­i­pa­tion of se­nior of­fi­cials from PBOC and the China Bank­ing and In­sur­ance Reg­u­la­tory Com­mis­sion (CBIRC).

Sun further said that “there is no schedule for the official release of the digital renminbi,” and that PBOC will “continue to advance R&D and testing work.”

China first com­menced re­search into the de­vel­op­ment of a CBDC in 2014, with Peo­ple’s Bank of China (PBOC) of­fi­cials al­lud­ing to the “im­mi­nent” re­lease of a statu­tory dig­i­tal cur­rency at a press con­fer­ence in Au­gust 2019. 

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