People’s Bank of China Continues CBDC Development Talks

PBoC held a teleconference in Beijing which further emphasized that CBDC development is one of its top priorities for 2020.

The People’s Bank of China held a teleconference on April 3 in Beijing, China. One of the main points confirmed during the call involved the institution’s continued research and development of a central bank digital currency, or CBDC.

CBDC development is one of the bank’s top priorities 

The meeting summarized the central bank’s achievements with fiat currency, gold, silver, and securities since the end of 2019. Executives analyzed the bank’s present challenges in depth, while acknowledging that their top priority for 2020 is the continued research and development of a CBDC, saying: 

“The top priority is to enhance the top level system design, unswervingly advance the research and development of CBDC, systematically promote the reform of cash issuance and return systems, and accelerate the promotion of banknote processing business, issuance of bank guards and issuance funds.”

China has been accelerating it’s CBDC plan 

As Cointelegraph previously reported, the People’s Bank of China has completed basic function development for a digital yuan. This puts China one step closer to issuing its CBDC.