Digital Yuan Suspended Due to Coronavirus Outbreak
Posted On March 23, 2021
China’s digital yuan is ‘nothing like bitcoin’: PIIE
Research on China’s National Digital Currency Suspended Due to Government Quarantine.
According to local publication The Global Times, due to the epidemic, many organizations and institutions, including the central bank, temporarily stopped their activities to prevent infection of staff. Therefore, work on the draft of a new national electronic payment system is postponed until the end of the quarantine..
However, according to sources of the publication, the launch of the digital yuan may take place in accordance with the original schedule, since the People’s Bank of China has enough resources and specialists at its disposal to catch up. Although experts expect a full-fledged debut of the payment system only by the end of 2020.
This work is being carried out by three research centers managed by the central bank. In January, the NBK reported on the completion of the design of the upper level of the national electronic payment system and readiness to check its operability.
Consulting firm IDC estimates that by 2023, the digital yuan will begin use in 10% of Chinese cities.