Coronavirus slows down the release of the digital renminbi

The launch of the Chinese digital yuan has been delayed due to the coronavirus outbreak. Civil servants are in quarantine, andthe development of a digital national currency was suspended.

The previously scheduled schedule now seems impossible to the authorities, because against the background of the spread of the virus, the development of a sovereign digital currency is no longer a priority.

Despite the delay, China plans to catch updeadlines and launch DCEP before the end of 2020. The NBK has the resources, technical capabilities, staff and the desire to ensure that the project will see the light of day. Perhaps the bank will issue a coin a little later, but they plan to launch a pilot launch in accordance with the schedule this year.

According to the deputy director of the Institute for Advanced Blockchain Research at Tsinghua University, the project's technology roadmap is completely ready. 

He added that the DCEP project is more relevant than everfor the residents of the country. Due to the coronavirus, China has had to sanitize a huge amount of its physical currency reserves. This provides another compelling reason to introduce a digital currency that does not require physical contact. Virtual currency has a huge advantage in such a scenario. 

Recall that in early February, the spread of Chinese coronavirus forced leading manufacturers of mining equipment to postpone the delivery of ASIC.