People familiar with the situation: the outbreak may delay the central bank's digital currency research process

According to the Global Times, people familiar with the matter said that China's research on its sovereign digital currency has been postponed due to the outbreak of a new coronavirus. However, they pointed out that because the People's Bank of China has the technical foundation, resources and abundant talent reserves can speed up research, it may still start as planned. Sources said that digital currency electronic payment (DCEP) pilot work will be carried out as scheduled this year, although central bank officials are still discussing the application scenarios where DCEP can be used as real cash flow. A source who asked not to be named said: "The outbreak of the coronavirus has caused government agencies, including the People's Bank of China, to postpone recovery. Policy makers and researchers involved in the DCEP project are no exception, putting pressure on the development process "And industry insiders said that the People's Bank of China may still launch this product as planned. Some expect DCEP to make its debut later in 2020. Cao Yin, executive deputy director of the Advanced Blockchain Research Institute of the Tsinghua Yangtze River Delta Research Institute, said that the central bank has been preparing for technical and theoretical launch for a long time. A technology roadmap has been developed. He added that the central bank's digital currency team has enough research and development (R & D) staff to cope with small lags in the research process.