No date set for launch of digital currency
Print Edition
THERE is no timetable for the launch of a digital currency despite progress in its research and development and pilot testing, the governor of China’s central bank said yesterday.
Internal pilot tests have been conducted in Shenzhen, Suzhou, Xiongan and Chengdu among others to check the theoretical reliability, system stability, convenience, applicability and risk controllability of the digital currency, Yi Gang, governor of the People’s Bank of China, told the Financial News and China Finance, the PBOC-affiliated newspaper and magazine.
But the pilot tests are routine work in the R&D process, which shouldn’t be confused with the official launch of a digital currency, Yi said, adding that there is no timetable for its launch.
The central bank began studies on a digital currency in 2014. It started R&D on “digital currency and electronic payment,” or DC/EP, at the end of 2017.
Yi said that top-level design, standard-setting, R&D of the DC/EP functions and joint tests have been basically completed.
The R&D and application of a legal digital currency help meet the public demand for legal currency in today’s digital economy and improve the convenience, security and anti-counterfeiting level of retail payments, Yi said. He also noted that it will escalate the growth of China’s digital economy.
Yi said that the country’s economic fundamentals for sustained sound growth remained unchanged despite uncertainties, reiterating the central bank will pursue a prudent monetary policy in a more flexible and appropriate way.
The central bank vowed to strike a balance between epidemic containment, economic activity restoration and risk control, enhance counter-cyclical adjustments and steadily push forward work on defusing risks, Yi said, adding the PBOC will use a variety of monetary policy tools to maintain ample liquidity and ensure M2 money supply and aggregate financing grow at notably higher rates than last year.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 沪ICP证：沪ICP备05050403号-1
- |
- 互联网新闻信息服务许可证：31120180004
- |
- 网络视听许可证：0909346
- |
- 广播电视节目制作许可证：沪字第354号
- |
- 增值电信业务经营许可证：沪B2-20120012
Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
