China Digital Currency Launch 'Definitely’ in 6-12 Months — Investor
Proof of Capital partner Edith Cheung tells mainstream media Beijing’s digital currency could appear as soon as May next year.
Speaking to CNBC on Nov. 20, Edith Cheung, partner at blockchain-focused venture capital fund Proof of Capital, appeared convinced about the digital currency’s imminent arrival.
Cheung: rollout could come in May 2020
“I think definitely within the next six to twelve months,” she told the network about a launch time frame.
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.
For Cheung, however, foreign powers should already be prepared to respond, as China looks to become the first country worldwide to issue 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.
Earlier this month, another investor delivered a more bullish forecast for the digital currency rollout, claiming it would appear in just three months’ time.
Blockchain expectation versus reality
China remains in the spotlight as the digital currency plans run in tandem with the official endorsement of blockchain technology. Announced by President Xi Jinping last month, the policy is still having a knock-on effect for Chinese blockchain projects, several of which have seen the value of their own cryptocurrency tokens rise considerably.
At the same time, Chinese state media more recently poured cold water on current levels of commitment to blockchain.
According to new statistics, only around 10% of the 32,000 businesses in China which claim to use the technology actually do.