The People’s Bank of China has officially confirmed the information that it is working on its own cryptocurrency, however, there is no exact date for launching the “digital renminbi”. According to the head of the Chinese central bank And Gan, the development is still at the level of research
“In 2014, the People’s Bank of China began to conduct research in the field of cryptocurrency, for these purposes we have a specialized institute and a working group, and we already have good results … Answering your question about when we will release cryptocurrency, I note that there are no exact terms yet, we will continue our research work in this direction, ”Yi Gan said.
According to him, first of all, it is necessary to conduct a risk assessment, to determine whether the cryptocurrency will be cross-border, since in this case it will be necessary to strengthen the mechanisms for combating money laundering. It is also yet to choose the technology for the formation of the appropriate infrastructure, according to Y Gan, the best technology proposal for operating cryptocurrency will be determined through competitive selection.
Forbes magazine, citing a source previously working for the Chinese government, said in August that the launch of the Chinese cryptocurrency could happen on November 11 this year, when China celebrates “Bachelor’s Day” and holds the largest sales on online trading platforms, primarily at Alibaba sites. According to the source of the publication, the technology necessary to launch its own cryptocurrency was ready last year.
In turn, financial analyst Paul Schulte, who until 2012 worked at the largest Chinese bank ICBC, said that the Chinese Central Bank will launch a national cryptocurrency in the coming months, according to him, it will be simultaneously received by the Bank of China, ICBC Bank, and the Agricultural Bank of China (Agricultural Bank of China, ABC), China Construction Bank, Alibaba and Tencent, which own the largest online payment services, as well as China Pay Union’s national payment system.