China has completed all related tests for its digital currency. The country’s central bank is the first ever to issue government digital currency.
The People’s Bank of China will use digital currency in stages from the pilot stage. However, it did not clarify when it will officially issue and use the digital currency on a trial basis.
Representative of Ministry of Finance and Economy of the People’s Bank of China, at a financial forum:
“The design of digital currency, the establishment of standards, and the joint testing work have been basically completed. With the principle of safety and control in the future, we will complete the function of digital money by setting the scope of the trial area and service.”
He also stressed that the digital currency will replace parts of the main currency. Which means cash currency. And that it is operating it through dualization at the level of the People’s Bank of China and commercial banks.
He added that they will guarantee the anonymity of the digital currency. However, he did not specifically mention when the digital currency will be functioning.
China might soon become the first country in the world to have digital currency
Experts of China’s financial sector forecast that the People’s Bank of China will soon become the world’s first central bank to issue digital currency.
Last month, Wang Qi-Shan, vice president of the China Center for International Economic Exchanges, told a financial forum that the People’s Bank of China has already been fully prepared for five to six years since it studied digital currency.
“There is a possibility that the People’s Bank will become the first central bank in the world to issue digital currency.”
Some predicted that the Chinese authorities would introduce digital currency for the first time at this month’s event. But it did not happened, not even the date of the launch.
