The coronavirus outbreak is said to delay China’s plan to launch its central bank digital currency (CBDC) project before the end of the first quarter of the year. However, officials are reportedly going ahead with the CBDC plan and are looking to run the pilot test before the end of the year.
The deadly coronavirus crisis broke out in Wuhan, China, in December 2019, with over 2,700 deaths recorded in the country. Consequently, officials in Beijing placed millions of citizens under travel restrictions and quarantined most parts of the country. These steps have caused supermarkets, shops, offices, and other businesses to shut down.