After the coronavirus outbreak – China’s digital currency may be delayed

After coronavirus outbreak – China's digital currency might be delayed

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Teodor Stig-Matz

teodor.matz@trijo.co

The coronavirus may cause delays to China's digital yuan. But one expert believes it can still be launched before the end of the year.

Yesterday, Cointelegraph reported that the coronavirus outbreak could have a negative impact on the bitcoin price.

That piece of news was about falling prices as a result of market concerns. But now it seems that the virus has had an effect on the crypto world that is far more direct, Chinese newspaper the Global Times reports.

Has led to work stoppages

The digital yuan is China’s long-awaited project for creating a digital currency. But the coronavirus outbreak may mean that the project will be delayed.

“The coronavirus outbreak has led to postponed work resumption in government institutions, including the People’s Bank of China. Policymakers and research staff involved in the DCEP (Digital Currency Electronic Payment) project are no exception”, says a source familiar with the situation, according to the Global Times.

May still be launched this year

However, despite the outbreak of the virus, the digital yuan may still be launched this year. At least that’s what Cao Yin, a blockchain scientist at Tsinghua University, says.

“The central bank has been preparing for the launch both technologically and theoretically for a long time. The technological roadmap has been laid out already”, he says, adding that the central bank has enough staff to make up for the delay, the Global Times reports.

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