Edith Yeung opined that China could launch its own digital currency in the next 6-12 months, at the recent CNBC East Tech West Conference held in Guangzhou, China.
The Chinese government has been researching and studying the possibility of launching its own digital currency in recent years and has identified entities for a potential roll-out, said Yeung, a partner at blockchain-focused venture capital fund, Proof of Capital.
“It’s really been something (that’s) been in the works for the last few years,” she told CNBC’s Arjun Kharpal and Christine Tan at the CNBC’s East Tech West conference in the Nansha district of Guangzhou in China on Wednesday.
Asked how soon a virtual yuan could become a reality, she said it could be “quite soon.”
“So I think definitely within the next six to 12 months,” said Yeung.
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Edith Yeung is a venture capitalist, technology executive, and a China Internet expert. She is also the author and creator of the China Internet Report, an annual report on China technology trends widely popular among investors and corporate executives.
Selected by Inc’s Magazine as one of the Silicon Valley investors you must know, Edith Yeung is a partner at 500 Startups – the world’s most active early seed investor. She has invested in over 40 mobile, AI and blockchain startups including Silk Labs (acquired by Apple), Fleksy (acquired by Pinterest), Human (acquired by Mapbox), AISense, DayDayCook, AppOnBoard, Hooked, Oasis Labs, Stellar, Solana, CoCos-BCX, Palantir and many more.
Before 500, Edith was previously a GM at Dolphin Browser, a Sequoia-backed mobile browser with over 150 million installs worldwide. Edith also worked with many Fortune 500 companies such as Siebel, AMS, AT&T Wireless and Autodesk.
She has been featured on CNBC, Wall Street Journal, SCMP, BBC, Bloomberg, CBS, NPR, TechCrunch, Asia Society, The Economist and many more.