Digital yuan canceled? What is going on with the project?
Cryptocurrencies have long come into our lives and, most likely, will not go anywhere. This simple truth is understood by everyone, even governments that seek to join Blockchain technology. Promising projects, including digital yuan, will allow states to save huge amounts of money on familiar operations, so studying coins is really useful. That is why leading countries are actively investing in cryptocurrency developments. One of these states is China.
Yes, the country has a “special” attitude towards digital coins. For example, self-mining of crypts is tightly regulated. But this does not prevent the country from independently engaging in Blockchain. The digital renminbi project is under active development, but is still being transferred. What is the reason for the delay and when to wait for the start of the new digital currency? Today we will answer all these questions. Let’s get started.
What exactly do the developers say?
The People’s Bank of China is responsible for creating the digital equivalent of the national Chinese currency. Which is quite logical. This financial structure deals with all issues of the economy, including the transition to the new rails of Blockchain. So literally today, the bank manager announced that specific dates for the launch of the project are not yet known. According to him, recently too many scammers speculate at the start of the digital renminbi. Deceivers offer to pay them money for access to a non-existent asset. This is a well-known scheme, however, many still believe in a similar trick. We remind you that you can buy tokens only from the developers themselves or on reliable cryptocurrency exchanges. In order not to miss the start of the project, follow our news feed.
Also, the financial regulator did not exclude the possibility of a long delay in the launch of the project and even its complete cancellation. According to the manager, the development of a digital renminbi in modern conditions is not the most important task. It is impossible not to disagree with the last statement. Indeed, even after the end of the coronavirus epidemic, China still has not returned to its usual work. The trade, production, cultural and social life of society has been disrupted, so now it’s really not up to the digital renminbi. That is why launch dates are shifting.
What stage is the digital yuan at?
Despite all the problems, the project was actively developing before the outbreak. If you believe the statements of officials, then basically the digital version of the national currency is ready. According to responsible specialists, the system needs rigorous tests and may need minor improvements. But the main tool to use the yuan in the digital space has already been created and is working. It is noteworthy that, unlike its European counterparts, the National Bank of China seeks to create a platform for everyone. Recall that the digital version of the euro can only be used by commercial entities that want to translate their transfers into a digital field. But digital yuan will work for everyone. Touch a cutting-edge technology will be able to both a large businessman and an ordinary layman.
When to expect the launch of the project?
Obviously, threats to cancel the start of technology are a bluff. No one will refuse such a promising product as a digital yuan. Which, moreover, is almost ready. Another question is the real launch date. Most likely, under the current conditions, we will not see the beginning of the digital renminbi until 2021. However, there is always a degree of probability that this tool will start earlier and you will be able to start investing in the project in order to get serious profit. Stay in trend with us, we publish only high-quality and unique material. Thank you for your attention. Good luck!