The race to develop their own national cryptocurrency is still ongoing. Undoubtedly, China is among the first countries whose progress is closely monitored. Only last year it issued a statement that it is officially developing its own national cryptocurrency, which should be launched sometime this year. However, several experts agree that China has been developing the currency since 2014.

Last week, China issued an official statement and specifically described almost all the innovations that have taken place in recent years. Everything is supposed to be on schedule. However, the only thing that the National Bank of China has not confirmed is the official launch date of the "digital yen."

PBoC (People's Bank of China) is supposed to gradually start testing the digital currency in different parts of the country. It is supposed to be a coordinated testing that should reveal whether the cryptocurrency is usable and how users will respond to it.

Only after successful testing should it be launched to the public. However, when this is to take place is still unclear. But China is undoubtedly one of the first countries to launch its own CBDC (Central Bank Digital Currency). China could "compete" for the primacy in this field, in particular, with states like Sweden which is planning to launch its e-krone or even the whole European Union and its digital euro.