China is expected to be one of the first major economies to issue a central bank digital currency (CBDC). But the Governor of the People’s Bank of China, Yi Gang, in a rare interview said that there is no timetable for the release of the digital yuan and even stated there is a possibility it may not be issued.
This follows the recently leaked digital yuan wallet screenshots from testing the CBDC and an article in a state newspaper that provided more details. Despite the Governor’s comments, testing has ramped up. A state newspaper even ran a cartoon based explainer targeted at the general population.
Governor Gang was talking to reporters from the Financial Times and China Finance as part of the Two Sessions, the annual conferences where China’s parliament convenes. Below is the digital renminbi excerpt from Governor Gang (using Google Translate):
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