{"id":134573,"date":"2020-05-27T11:00:45","date_gmt":"2020-05-27T10:00:45","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=134573"},"modified":"2020-05-27T03:33:14","modified_gmt":"2020-05-27T02:33:14","slug":"chinese-governor-confirms-digital-yuan-has-no-timeline-but-might-feature-at-the-2022-beijing-winter-olympics","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/chinese-governor-confirms-digital-yuan-has-no-timeline-but-might-feature-at-the-2022-beijing-winter-olympics\/","title":{"rendered":"Chinese Governor confirms \u201cDigital Yuan\u201d has no timeline, but might feature at the 2022 Beijing Winter Olympics"},"content":{"rendered":"<p>China\u2019s aggressively pushing for blockchain development and digital currencies, with local sources stating the ongoing coronavirus pandemic may lead to an early release of the country\u2019s ambitious digital currency project.<\/p>\n<p>However, while a central bank official says there\u2019s no particular timeline, the currency could be seen at a major global sports event, if ongoing tests prove its potential.<\/p>\n<h2>Tested in \u201cvarious\u201d scenarios<\/h2>\n<p>Yi Gang, the governor of the People\u2019s Bank of China (PBoC), <a href=\"https:\/\/www.panewslab.com\/zh\/articledetails\/1590455953121747.html\">spoke<\/a> about the ongoing and extensive development of the \u201c<a href=\"https:\/\/cryptoslate.com\/leaked-photo-shows-the-alpha-version-of-china-construction-banks-dcep-app\/\">digital yuan<\/a>,\u201d a so-called colloquial term for China\u2019s upcoming digital currency.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Yi Gang, governor of the <a href=\"https:\/\/twitter.com\/hashtag\/PBOC?src=hash&ref_src=twsrc%5Etfw\">#PBOC<\/a> says China&#39;s <a href=\"https:\/\/twitter.com\/hashtag\/centralbank?src=hash&ref_src=twsrc%5Etfw\">#centralbank<\/a> currently doesn\u2019t have a timeline for the launch of <a href=\"https:\/\/twitter.com\/hashtag\/DCEP?src=hash&ref_src=twsrc%5Etfw\">#DCEP<\/a>, and the current pilot experiments in various cities are just the necessary routine work in the development of a digital yuan. <a href=\"https:\/\/twitter.com\/hashtag\/CBDC?src=hash&ref_src=twsrc%5Etfw\">#CBDC<\/a><a href=\"https:\/\/t.co\/E2L2GoBnhj\">https:\/\/t.co\/E2L2GoBnhj<\/a><\/p>\n<p>&mdash; PANews (@PANewsOfficial) <a href=\"https:\/\/twitter.com\/PANewsOfficial\/status\/1265115462838308865?ref_src=twsrc%5Etfw\">May 26, 2020<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Gang noted pilot tests are ongoing in four Chinese cities, including the tech-driven economy of Shenzhen. He confirmed the digital currency is being tested in \u201cvarious scenarios\u201d for the 2022 Winter Olympics in Beijing, but no guarantee of a rollout exists yet.<\/p>\n<p>An official launch date does not exist, <a href=\"https:\/\/www.panewslab.com\/zh\/articledetails\/1590455953121747.html\">says<\/a> Gang. He added the bank is testing various capabilities of the digital currency, such as reliability, stability, and risk controllability, among other features.<\/p>\n<p>Gang stated extensive R&D will help position the digital currency as an alternative to the existing fiat systems. He believes the project will \u201cmeet the public\u2019s needs\u201d and boost China\u2019s local economy, which <i>Bloomberg<\/i> <a href=\"https:\/\/www.bloombergquint.com\/quicktakes\/why-china-uses-special-debt-to-help-economy-recover-quicktake\">notes<\/a> has been ravaged by the pandemic.<\/p>\n<p>At the session attended by local reporters, Gang fielded questions on China\u2019s coronavirus response, the government\u2019s stimulus for local businesses, and how \u201cquantitative easing\u201d could help the economy.<\/p>\n<h2>COVID could cause early launch<\/h2>\n<p>Meanwhile, a local blockchain industry observer <a href=\"https:\/\/www.globaltimes.cn\/content\/1189503.shtml\">told<\/a> <i>Global Times China<\/i> the state may rollout the digital yuan earlier-than-thought, especially as countries around the world seek economic growth after suffering a slowdown.<\/p>\n<p>Cao Yin, who\u2019s based in Beijing, told reporters he expects China to introduce the digital currency sooner as U.S.-China tensions add to the possibility of an economic block by Western countries. He explains:<\/p>\n<blockquote><p>Although the US hasn't put Chinese financial firms and institutions onto its Entity List, the US may still pose widespread threats to Chinese institutions and impact the yuan's standing in international settlement.<\/p><\/blockquote>\n<p>Yin notes the trackability and verifiability provided by a blockchain-based currency help tracing stimulus money, helping firms in need, and ensuring \u201creal money\u201d flows into the Chinese economy. His comments come after concerns about government-backed stimulus not going to local businesses, instead, falling in the hands of corporations.<\/p>\n<p>The PBoC has tested digital currencies since 2014, at a very basic level earlier and amping up efforts in recent times. The government is <a href=\"https:\/\/cryptoslate.com\/china-is-forging-ahead-with-national-crypto-project-leaked-screenshots\/\">conducting<\/a> pilot tests at fast-food stores and even considering a blockchain fund to aid the broader development of distributed systems.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>China\u2019s aggressively pushing for blockchain development and digital currencies, with local sources stating the ongoing coronavirus pandemic may lead to an early release of the country\u2019s ambitious digital currency project. However, while a central bank official says there\u2019s no particular timeline, the currency could be seen at a major global sports event, if ongoing tests [&hellip;]<\/p>\n","protected":false},"author":65,"featured_media":134637,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[35],"tags":[],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Chinese Governor confirms \u201cDigital Yuan\u201d has no timeline, but might feature at the 2022 Beijing Winter Olympics<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/chinese-governor-confirms-digital-yuan-has-no-timeline-but-might-feature-at-the-2022-beijing-winter-olympics\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Chinese Governor confirms \u201cDigital Yuan\u201d has no timeline, but might feature at the 2022 Beijing Winter Olympics\" \/>\n<meta property=\"og:description\" content=\"China\u2019s aggressively pushing for blockchain development and digital currencies, with local sources stating the ongoing coronavirus pandemic may lead to an early release of the country\u2019s ambitious digital currency project. 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An economics graduate from the University of Wolverhampton, he breathes financial markets and decentralized ideologies. When not writing, Shaurya works on his culinary skills, trades the big three cryptocurrencies, and surfs airplane blogs.","url":"https:\/\/cryptoslate.com\/author\/shaurya-malwa\/"}]}},"_links":{"self":[{"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/posts\/134573"}],"collection":[{"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/users\/65"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/comments?post=134573"}],"version-history":[{"count":3,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/posts\/134573\/revisions"}],"predecessor-version":[{"id":134638,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/posts\/134573\/revisions\/134638"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/media\/134637"}],"wp:attachment":[{"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/media?parent=134573"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/categories?post=134573"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/tags?post=134573"},{"taxonomy":"post_folder","embeddable":true,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/post_folder?post=134573"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}