Coronavirus Stalls China’s Progress with Central Bank Digital Currency

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The coronavirus outbreak is reportedly delaying progress on China’s central bank digital currency (CBDC) project. However, officials say Beijing is keen to see the pilot test happen before the end of the year. Central Digital Currency Plans Face Delays Over Coronavirus According to the Global Times, the deadly coronavirus outbreak is slowing down the pace of work on China’s proposed central bank digital currency. An inside source who spoke to the media outlet revealed: The coronavirus outbreak has led to postponed work resumption in government institutions, including the People’s Bank of China (PBC). Policymakers and research staff involved in the DCEP project are no exception, which weighs on the development process. Since December’s outbreak in Wuhan, China, the government has been forced to quarantine large sections of the country, with more than 780 million people placed under travel restrictions. These measures are affecting the working class with offices businesses shut…

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