China’s Central Bank Says Digital Currency Is ‘Progressing Smoothly’

The People’s Bank of China (PBoC), the nation’s central bank, has stated that its digital currency is “progressing smoothly.”

The central bank revealed the development at its yearly work conference held in Beijing a week ago. The PBoC, nonetheless, didn’t reveal the launch date yet.

“We will continue to steadily advance the development of legal digital currencies” in 2020, stated the central bank.

China’s digital currency has been in progress for at least five years, with the PBoC having begun the effort in 2014. The much-awaited digital yuan will be first distributed to commercial banks, and then clients and organizations can register digital wallets with these commercial banks, the PBoC expressed recently.

The first cities to test digital currency will purportedly be Shenzhen and Suzhou. The PBOC is stated to have collaborated with seven state-owned commercial banks and telecoms—the Bank of China, China Telecom, the Industrial and Commercial Bank of China, China Construction Bank and the Agricultural Bank of China, China Mobile, and China Unicom—to launch the test.