Although pilot tests for the digital Yuan have been launched and are happening progressively across four large Chinese cities, the governor of the Chinese Central Bank in a recent report by Xinhua news claimed no official date had been set for the launch of the long-awaited project.
Digital Currency Electronic Payment (DCEP) issued by People’s Bank of China (PBoC) will not be mass-produced and will not be issued in large quantities in the short term, China Central Television reports.
After hearing that China is trying to develop its own state-backed cryptocurrency, Japan has joined arms with other countries to come up with their own government-owned digital asset so it can dominate China’s digital yuan and all other state-owned tokens that will be launched afterwards.
The world’s top cryptocurrency by market capitalization, Bitcoin (BTC), has once more managed to hit and exceed the $12,000 price level after around 3 to 4 weeks trading below that mark. The surge comes after a huge devaluation of China’s fiat currency yuan which touched the bottom level against the United States dollar (USD) since exactly nine years ago. The event is one part of the US-China trade war.
Beijing Sci-Tech Report (BSTR), China's longest-running technology publication which usually comes out as "Technology Life," is purportedly enabling and activating Bitcoin (BTC) payments for next year’s edition of the publication.