Bitcoin
$41,992.34-3.85%
Ethereum
$2,918.53-5.88%
XRP
$0.927920-3.30%
Cardano
$2.13-4.24%
Polkadot
$27.77-5.53%
Stellar
$0.264327-4.53%
Dogecoin
$0.201127-2.08%
Uniswap
$24.20-2.12%
Chainlink
$23.44-3.98%
Polygon
$1.08-3.66%
Algorand
$1.67-7.07%
Cosmos
$36.34-6.94%
Litecoin
$146.49-3.65%
Bitcoin Cash
$491.12-2.56%
Wrapped Bitcoin
$42,027.37-3.80%
The Graph
$0.659791-6.84%
Filecoin
$57.94-5.25%
Tron
$0.085758-3.85%
Ethereum Classic
$45.74-2.83%
Tezos
$6.17-4.58%
Aave
$272.81-8.21%
Monero
$236.29-2.91%
NEO
$37.61-3.49%
EOS
$3.85-3.12%
IOTA
$1.13-5.03%
BitTorrent
$0.003079-3.99%
Bitcoin SV
$129.76+0.42%
Waves
$24.45+2.40%
Maker
$2,338.87-1.73%
Dash
$155.96-4.02%
Decentraland
$0.662052-5.79%
Decred
$105.48-5.02%
OmiseGO
$9.61+5.99%
ICON
$1.48-7.66%
NEM
$0.140588-5.34%
Zcash
$107.33-4.05%
Paxos Standard
$0.990591-0.98%
Yearn Finance
$29,582.08-2.29%
NuCypher
$0.266263-4.24%
Ren
$1.01-6.69%
Bitcoin Gold
$50.93-1.87%
Qtum
$9.17-5.55%
Basic Attention Token
$0.604524-5.61%
0x
$0.850241-6.63%
Fetch.ai
$0.728685-9.88%
Kava.io
$5.45-6.92%
Bancor
$3.40-4.43%
Band Protocol
$7.14-5.76%
Siacoin
$0.014206-4.85%
Nano
$4.26-4.67%
Loopring
$0.365732-3.54%
Numeraire
$40.29-2.69%
Storj
$1.03-5.54%
Civic
$0.409961-4.96%
Lisk
$2.71-3.71%
PAX Gold
$1,749.39-0.44%
Orchid
$0.304265-5.17%
Enzyme
$139.32-6.42%
Augur
$20.33-2.35%
Aragon
$4.41-6.41%
district0x
$0.143731-4.45%
Kyber Network
$1.38-6.82%
SingularDTV
$0.001194-1.78%
Tether
$1.00+0.00%
USD Coin
$1.00+0.05%
Dai
$1.00-0.00%
Breaking news: Ethereum Developer Virgil Griffith Pleads Guilty to Conspiracy Charge in North Korea Sanctions Case

China Should Accelerate Rollout of Digital Yuan, Says Central Bank Official

Chen Yulu, deputy governor of the People's Bank of China, said over the weekend the digital yuan project should be accelerated as an important part of the nation's financial infrastructure.

Oct 12, 2020 at 1:18 p.m. UTC
Updated Sep 14, 2021 at 10:07 a.m. UTC

While China has already taken the global lead in developing a central bank digital currency (CBDC), an official at the People's Bank of China says the effort should be accelerated.

  • Chen Yulu, deputy governor of the central bank, said in an article over the weekend that the digital yuan project should form an “independent” and "high-quality" element of the nation's financial infrastructure, South China Morning Post reports.
  • In comments published by the central bank's own China Finance magazine, Chen added research and development for the digital yuan should proceed at faster pace, while pilots should show the CBDC is "controllable and safeguards the security of payments."
  • China recently announced a new focus on an economic strategy dubbed "dual circulation," which would rely more on internal demand to buffer against international tensions, especially with the U.S.
  • “We must serve dual circulation with fintech-led innovations,” Chen said about the digital yuan.
  • The CBDC project is already thought to be closing in on a full launch, having been in testing in major cities with banks and commercial enterprises.
  • Last week the city of Shenzhen, together with the central bank, launched a kind of lottery allowing local residents to apply for some of 10 million digital yuan that will be handed out.
  • A report at the time suggested thousands of retailers are already set up to accept the digital currency.
  • Other nations are still far behind, with many still at the investigation stage and a few others, such as South Korea and Japan, planning initial testing next year.

DISCLOSURE

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

Loading...