China’s Cryptocurrency To 'Definitely’ Launch Next Year

• Edith Cheung has said that the nation will “definitely” launch its new digital currency within the next six to twelve months.

• This leaves it open for a potential launch as early as May.

Speaking to CNBC on November 20th, Edith Cheung a local Chinese blockchain investor and partner at blockchain-focused venture capital fund Proof of Capital said that the nation will “definitely” launch its new digital currency within the next six to twelve months.

Cheung went on the show to convince those about the digital currency’s very close release.

May Launch

Speaking to the network, she said: “I think definitely within the next six to twelve months.” This leaves it open for a potential launch as early as May. 

As per CoinTelegraph:

“China has revealed it has been developing the virtual yuan for several years, but senior government officials have so far declined to state when it could become a reality.”

According to Cheung though, foreign countries should get ready to respond, as China will be the first country across the globe to launch a digital incarnation of its national currency.

“I really think the United States needs to hurry up; to have a strong thinking and policy, at least a direction for virtual USD,” she continued.

Military Incentives

Thanks to the recent adoption of blockchain by President Xi Jinping, the new initiative could see its army rewarded in crypto tokens.

As previously reported by CryptoDaily:

“China’s blockchain hype train seems to have calmed down a bit this past week or so but now, The People’s Liberation Army (PLA) Daily proposed a blockchain-focused overhaul of the country’s army.”

It will be interesting to see how this situation plays out. For more news on this and other crypto updates, keep it with CryptoDaily!