Despite the delay, the People’s Bank of China (PBC) is closer to launching its official digital currency. By working together with several large private companies, the nation’s central bank has finished the development process and is working on the proper legislation before the CBDC is released.
China’s CBDC Is On Its Way
After the COVID-19 outbreak, the Chinese central bank digital currency (CBDC) was delayed indefinitely. However, as the country is portraying initial stages of recovering after the deadly virus, a new report informed that the CBDC’s launch is closer than anticipated.