China’s Central Bank: Digital Currency Has ‘No Timetable’ for Launch

China has no specific launch date in mind for its digital currency, its central bank has said in fresh comments contradicting previous statements.

Central bank governor: We need time to research

As local English-language news outlet Global Times reported on Sept. 24, the People’s Bank of China (PBoC) has now denied Beijing is ready to debut its new financial asset.

According to the publication, which did not quote governor Yi Gang directly, the PBoC “needs to research, test, evaluate and prevent risks.”

“China's research and development of digital currency has achieved positive progress, but the country has no timetable to launch a digital currency so far,” it summarized.

Conflicting official accounts 

The remarks contrast with those made by deputy director Mu Changchun in August. As Cointelegraph reported, at the time, the impression from the PBoC was that the digital currency was complete and awaiting launch. 

This, he added, could happen before the end of 2020, when Facebook plans to release its own private digital currency, Libra.

The PBoC had indicated the development of its own token had accelerated as a direct response to Libra, despite authorities eyeing a digital currency for several years. 

Earlier this month, Mu suggested it would help secure monetary sovereignty and formed part of prudent economic policy planning. 

Yi meanwhile also played down significance in that area, saying the digital currency would replace part of the yuan’s M0 money supply, rather than touch M1 or M2.