Coronavirus epidemic causes China’s digital yuan research delayed

The coronavirus had a considerable impact on the blockchain and cryptocurrency industry because of this a number of cryptocurrency-related conferences across Asia are being delayed in response to the outbreak.

More reports also suggest that China has turned to blockchain technology to manage medical data.

Research on a central bank digital currency (CBDC) in China has been delayed as the coronavirus epidemic continues. A source familiar with the matter reportedly said:

“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, which weighs on the development process.”

Cao Yin, a blockchain researcher at the Yangtze Delta Region Institute of Tsinghua University, said that he expects the launch of the CBDC to still happen this year. He explained that China “has been preparing for the launch both technologically and theoretically for a long time” and the roadmap is already in place. Cao also suggested that the central bank’s digital currency team has enough employees to make up for the delay.

Source: Cointelegraph

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