When will the central digital currency be operational? (Latest policies on the central digital currency)

When will the central digital currency be operational? When will the central bank digital currency be operational? The central bank digital currency is the legal tender issued by the People’s Bank of China and authorized by the Chinese central bank. Currently, there are already many testing institutions conducting pilot projects in China. However, the countries where the public actually uses cash for consumption are developed countries such as Japan, South Korea, Russia (such as Nigeria and Brazil). As the world’s second-largest economy, China’s financial position is relatively stable. But because we haven’t launched our own digital currency yet, we cannot determine when the central bank digital currencies of these countries will actually start operating. (Jinshi)

Latest policies on the central digital currency

According to reports, the central government issued the “Overall Plan for China (Beijing) Pilot Free Trade Zone.” According to the draft’s requirements, the “Basic Law” has made clear provisions on the definition, operation mechanism, and legal status of digital currency. The “Frequently Asked Questions” (hereinafter referred to as the policy document) are the “People’s Bank of China Law” and the “Regulations on the Implementation of Central Bank Digital Currency.” The fourth article of the policy document will “accelerate the development of legal digital currency,” and the fifth article encourages financial institutions to actively participate in the construction of the national regulatory system.