New digital currency to launch in near future

Multiple approaches are being tested for the launch of the first central bank digital currency in China, said officials and experts, who expect more participation from private institutions in creating the government-backed currency.

The time is almost ripe for introducing the central bank digital currency (CBDC), based on ongoing trials in some areas. But Facebook's unveiling of its digital currency "Libra" may drive Chinese regulators to reconsider the possible model of CBDC, said experts close to the central bank on Monday.

The People's Bank of China, the central bank, is almost ready to launch its own digital currency after five years of research, Mu Changchun, deputy director of the central bank's payments department, said a week ago at a forum. He said the central bank started system development work in 2018.