China’s central bank digital currency (CBDC) has been delayed amid the coronavirus outbreak. According to a report by Global Times, the impact of the outbreak on staff has resulted in significant setbacks.
An anonymous insider told the reporter on Tuesday that the coronavirus outbreak has led to postponed work resumption in the People’s Bank of China and other government institutions. The source said this weighs on the development process of the CBDC since policy makers and research staff involved in the project are all included.
Shentu Qingchun, the CEO of BankLedger, a blockchain company involved in the project, said the central bank was expected to make an important announcement during the first quarter of this year. He however noted that, the chances of the announcement being made on time are slim. He said this considering the fact that we have only one month left in the quarter.
Cao Yin is the vice director of the Advanced Research Institute of Blockchain at the Institute of Tsinghua University. He still believes that the PBoC could make the launch as already planned. Yin claims the central bank has been preparing for the launch for a long time and the technological road map has been laid out already.
He added that the team behind the CBDC project has enough employees to handle a small lag in the research process.
Featured Image Courtesy of Shutterstock