- China is closing in on its national digital currency launch
- The coronavirus outbreak hasn’t stopped the Asian giant
- The national digital token will be available sooner than expected
Cryptocurrency News Today – China is still moving ahead with its technological initiatives even though everyone thought there would be a delay. The Wuhan virus hasn’t stopped the Asian giant from moving to launch its state-back cryptocurrency.
This initiative will be launched sooner than expected. Here is how the report puts it: despite some reports that there may be delays, the PBoC (People’s Bank of China) is reportedly edging closer to launching an official state-backed digital currency. Per the report, the cryptographic project might even be launched earlier than people may have expected.
China to Become the First Major Country to Launch a State-backed Digital Asset
If the Asian giant succeeds in launching its state-backed coin, China will become the first major country to launch a national cryptographic project. China has not let the Wuhan crisis affect its resolve to develop its national crypto. Similarly, several other countries have also started working on developing state-backed digital currencies that we may see in the future. The PBoC is very close to the launch its national digital asset.
The financial entity and the central bank of China have been working together with some other large private organizations to develop the coin. Now the development phase has passed. The next step is to pass the proper legislation before it can be released. Following the coronavirus pandemic, the People’s Bank of China initially said it will be delaying the launch of the state-backed national digital currency. Now it appears it had a change of heart.
Central Banks Have Developed Mediums to Fight the Economic Decline Caused by COVID-19
In other reports, global central banks have decided to take extreme measures to halt the impact of the coronavirus on the world’s financial markets. It is widely known that traditional ad crypto markets have been crumbling since the Wuhan virus was declared an outbreak by the world health organization.
This is mainly caused by panic and uncertainty over the future. Earlier in the pandemic, the United States Federal Reserve announced the provision of an unlimited quantitative designed to ease and help financial markets with America. In addition to this move by the FED, US lawmakers have announced the opening of a $2 trillion stimulus package designed to benefit both the working-class people and all small business owners in the country. Meanwhile countries like Canada, the UK, and a host of other European nations have also opened massive stimulus packages of their own.