Digital Yuan creation is going as planned as per the People’s Bank of China (PBC). According to the April 11 announcement, the Chinese Central Bank is fast-tracking on the project and plans are at an advanced stage.
Sina Finance, a local media outlet says that PBC held its‘ financial presentation’ on April 10. The bank is working on a set of policies to revive the local ailing financial status. The digital currency details are scarce but about $45.4 billion USD for project implementation has been utilized.
Progress on digital Yuan creation
With the COIV-19 pandemic hitting on the global economies, locals are concerned about implementing a digital currency. The citizens are eager to get updates on the digitalized currency. While briefing the public on the progress, the bank’s director and spokesman Zhou Xuedong said:
“In relation to digitalizing the Yuan, the Central Bank is working in line to the initial plans. Today, over 95% of payments are being channeled through mobile or online based channels. In this regard, China has its unique advantages. Should the venture become the economic stimulus, priority will be given to the project”.
Digital Yuan creation and role in fighting coronavirus
As Cryptopolitan reported in February, China’s fight against the coronavirus is intensifying and they are using all means in the fight. Many have identified a way to reduce the spread; avoiding the use of fiat currency. Creating a digital Yuan comes in a viable solution and can go a long way in easing the effects of the pandemic.
Other countries are exploring ways of having their central bank digital currencies (CBDCs). However, these digital currencies will have government full control. This means other decentralized and acts as alternative modes of payment.