The central bank of China, the "People's Bank of China (PBoC)" has condemned the previous report from Mu Changchun, which noted that China is close to launching its digital currency, CBDC.

PBoC announced Tuesday that China has no specific date to release its digital currency, according to the <a href="http://www.globaltimes.cn/content/1165331.shtml">publication</a> by the Global Times. The bank made this statement, even though China noted positive progress in its research and development of the digital currency.

"There is no timetable for China to launch a digital currency," according to the governor of the People's Bank of China (PBoC), Yi Gang in a press conference in Beijing, who further added that the bank has to conduct more research, test, evaluate and prevent risks associated with digital currency.

Notably, the Chinese central bank, PBoC has been actively working with a group of researchers, on purpose to develop a prototype that would support the creation of the digital Yuan, CBDC.

The deputy director of the payments unit of the PBoC, Mu Changchun spurred the controversy today, following his <a href="https://www.cryptoknowmics.com/crypto/our-cryptocurrency-is-almost-ready-the-peoples-bank-of-china/">statement</a> in August. He announced that the country would soon launch the long-awaited digital currency known as Central Bank Digital Currency (CBDC).

PBoC's digital currency, as reported aims at enabling the businesses and residents in China to exchange between the Yuan and the proposed CBDC. The effort is believed to facilitate the efficient circulation of the Yuan currency within and outside the country. 

Mu further noted that it would aid in designing a part of prudent economic policy planning while maintaining monetary sovereignty. 

However, according to the report today: "China's 'digital currency for electronic payments' design aims to replace part of M0 instead of M1 and M2, and the country's digital currency plan will not change its current path of the currency supply." 
<h2>PBoC Careful on CBDC Launch </h2>
That said, the governor of PBoC admitted that more regulation measures related to anti-tax havens, anti-money laundering, and counter-terrorism financing needs to be put in order for cross-border businesses.

The ultimate goal for China's combination of digital currency with electronic payments is purported to activate the Chinese market, Yi added.

PBoC Says There's No Timetable to Launch CBDC

Ibiam Wayas is an optimistic crypto news reporter who also enjoys tech writing. He is an introvert who spends much of his time on the internet studying facts that will help him excel in the digital/cryptocurrency space.

PBoC Says There's No Timetable to Launch CBDC

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