A publication run by China’s ruling Communist Party has denied reports that the nation’s central bank is on the verge of launching a cryptocurrency.
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China ready to launch central bank cryptocurrency
Facebook loses out to Chinese tech giants Alibaba and Tencent, which will join major banks in distributing the new digital asset
Forbes’ Michael del Castillo reported on August 27 that the national bank’s digital currency will be a permissioned blockchain controlled by the central bank, and is intended to replace the bills and coins used in daily transactions rather than the renminbi itself.
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Chinese central banker says digital yuan coming soon
The central bank-issued digital currency will not be on a traditional blockchain and will not disrupt the existing financial system, according to the People’s Bank of China official
The People’s Bank of China (PBOC) Deputy Director Mu Changchun said the bank’s “digital currency can now be said to be ready” at the China Finance 40 Forum in Yichun this weekend, according to Shanghai Securities News.
