CBoC: Digital Yuan Tests are Completed, the Currency Is Not for Speculation

Mu CHANGCHUN, the representative of the Central Bank of China, responsible for overseeing the Chinese digital renminbi, claims that the digital currency will not be speculation and will be different from bitcoin and similar cryptocurrencies.

According to the South China Morning Post, Mu Changchun called the central bank's new currency “the digital form of the yuan” and said there would be no speculation about its value. He also noted that the currency would not be provided with a basket of currencies, as Facebook had planned for Libra:

“The currency is not for speculation. It is different to bitcoin or stable tokens, which can be used for speculation or require the support of a basket of currencies.”

The representative of the central bank also said that the design and functional research for the digital renminbi has been completed, and the next step will be the deployment of pilot programs. While rumors and speculation predicted the release of the digital renminbi by the end of 2019, there was no official deadline for its launch.