Edith Cheung, a shareholder of the Blockchain venture capitalist Proof of Capital, made this assessment in an interview with CNBC on November 20.
Cheung: Introduction perhaps as early as May 2020
When asked about an approximate start date for the Chinese central bank’s digital currency, she replied that it will be “definitely in the next 6 – 12 months” so far.China has long disclosed that it is working on its own digital currency, but there was no official timetable for its actual introduction.
Nevertheless, Cheung warns other nations that they need to consider an appropriate response, as China’s digital currency is likely to be the first to enter the race.
“I think the US must hurry to find a suitable strategy and political direction for the development of a digital US dollar” says the blockchain expert.
Another Chinese investor had already made a more daring forecast this month, predicting the Chinese digital currency to start in less than three months.
Chinese blockchain euphoria
Meanwhile, China is picking up speed as President Xi Jinping also praised and pushed for blockchain technology last month, presumably against the backdrop of the upcoming digital currency. This has triggered a veritable hype in the domestic industry, which has also resulted in many new crypto projects experiencing a considerable increase in value.
However, the Chinese state media recently dampened the blockchain euphoria, because according to new statistics, out of 32,000 Chinese companies that allegedly use blockchain, only 10% actually use the technology.