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China’s Digital Currency – No Launch Date and continues Development in 2020

On Sunday, the announcement from China’s central bank informed us that they do not have an
exact launch date about the Sovereign digital currency. The local report says that they continue
with its R&D (research & development). In August, it is rumored that Central back decided to
launch the digital currency by early November, but it is not done. Last month, the in-charge
official of development Mu Changchun will be informed that they had already completed the
function research, formulation, top-level designs, and testing.
The people’s bank of China informed us that the 2019 digital currency is under smooth progress
during the conference of annual work held last week. The Chinese business magazine Caijing
reported that the four big banks of the state country’s such as Commercial Bank of China, China
Construction Bank, Agricultural Bank of China, and Bank of China along with other three state-
owned telecom organizations are included in the development team.
Recently, they informed that it is not intended for cash replacement to use the sovereign digital
currency and also not even designed for speculation. The CBCD’s ideas are promoted by the
first central banks named PBOC. After the announcement from Facebook with regards to the
new plans for Libra digital currency and the development process was started by numerous
banks’ research institute. This upcoming sovereign digital currency is shared with the public on
various aspects and will be ready to use within 5 years of research.
Sweden is diligently working & researching on an e-Krona and the legal & technical research is
conducted by the Governor of Bank of Japan to transform them as digital currencies. Since
there is no demand they do not have any plans to issue. On Sunday, the announcement from
China’s central bank informed that they are still continuing their R&D process (research &
development) to create the 2020 sovereign digital currency. But they are in short of announcing
the appropriate launch date.
In a summary of its annual work conference held last week, the People’s Bank of China (PBOC)
said it made “smooth progress” on the issue in 2019. The PBOC was one of the first central
banks to promote the idea of digital sovereign currency, partly because Beijing regards
Cryptocurrencies like BitCoin as a threat to financial security, and other digital currencies, like
Facebook’s Libra, as a challenge to its capital account controls.
When the bank’s digital currency research institutes stepped up its rhetoric on the issue last
year – after plans for Libra’s launch were announced in June – there was speculation that a
Chinese sovereign currency could arrive as early as November. A report by Forbes in August,
citing an unidentified source, said the Cryptocurrency was set to be launched on November 11
to coincide with the Singles’ Day online shopping promotion, but that did not happen. The
PBOC is not alone in the world in considering how best to adapt to digital currencies.

Sweden’s Riksbank said last month it had awarded a one-year contract to professional services
firm Accenture to build a pilot platform for a new digital currency called e-Krona, to broaden
the central bank “understands of the technological possibilities”. But it might still be some time
before currency is launched, as the bank said the pilot project may be extended for up to seven
years.