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Coronavirus Causes China to Delay its CBDC 

Coronavirus Causes China to Delay its CBDC 
  • Central-bank digital currencies are the new craze of the crypto space.
  • More and more research has been put into them from different central banks across the world but with the coronavirus spreading throughout the globe, research in China has been delayed.

Central-bank digital currencies are the new craze of the crypto space. More and more research has been put into them from different central banks across the world but with the coronavirus spreading throughout the globe, research in China has been delayed.

The coronavirus has had quite an impact on the cryptocurrency industry, as well as the rest of the world. You can’t turn your TV on in the evening without hearing about it. In fact in China, a number of crypto-related conferences have been delayed due to the outbreak of the virus.

It came out early this week on the 25th of February that the coronaviruses impact has seen significant setbacks wordwide, with one source close to the matter saying:

“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.”

The CEO of the blockchain-based company BankLedger, Shentu Qingchun has said that the central bank was expected to make a significant announcement in the first quarter of this year.

However, given events going on throughout the world, the chances of this announcement being made, are slowly slipping away.

One blockchain-based researcher, Cao Yin has said that he expects the launch of a central digital currencies to still happen in 2020. He even added that China has been getting ready for the launch for a significant amount of time with the roadmap already being in place.

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

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