The People’s Bank of China (PBoC) has announced that its digital currency is ready for introduction. After five years of research , the People 's Bank of China ( PBoC ) is on the cusp of creating its own digital currency , according to deputy director Mu Changchun . Speaking at the China Finance 40 Forum , Mu said the currency would operate on a two - tier basis , separating PBoC from commercial banks , to reflect China 's " complex economy with a vast territory and a large population " . He said the digital currency would be suitable for " small - scale retail high - frequency business scenarios " . No precise launch date was given .
After five years of research , the People 's Bank of China ( PBoC ) is on the cusp of creating its own digital currency , according to deputy director Mu Changchun . Speaking at the China Finance 40 Forum , Mu said the currency would operate on a two - tier basis , separating PBoC from commercial banks , to reflect China 's " complex economy with a vast territory and a large population " . He said the digital currency would be suitable for " small - scale retail high - frequency business scenarios " . No precise launch date was given .