People’s Bank of China Denies Media Reports About Launching State-Backed Cryptocurrency

Recently, the People’s Bank of China, known as the Central Bank of the nation, has confirmed that the bits of gossip regarding the launch of a state-backed cryptocurrency is false. The declaration was made in the report by The Global Times, the official paper of the Communist Party of China, so it is an official source.

Refuting media reports of launching a state-backed cryptocurrency in the coming months, #China's central bank termed them as "inaccurate speculation." pic.twitter.com/Sb4tQVPD3G

— Global Times (@globaltimesnews) August 28, 2019

As indicated by the reports, the bank denied the media reports about the forthcoming token, which would be out in November, and called them as “Inaccurate speculation.” The Global Times is China’s national English language newspaper, under the People’s Daily, the official paper of the CPC (Communist Party of China). Moreover, its chief editor, Hu Xijin, is seen to have close connects to the Chinese authorities and is intently watched by financial market experts universally.

Reports All through August, both authentic and non-official have disclosed different details of the PBoC (People’s Bank of China) plans to launch a type of digital legal currency. In a 2^nd August explanation, the PBoC had proposed it should fasten the research and development of its forthcoming digital currency, following concerns from the Director of the bank that the Introduction of Facebook’s Libra would combine the United States and the U.S. dollar’s authority.

Previously, Forbes referred to numerous sources both named and mysterious who disclosed that the PBoC would distribute the first round of its digital currency to Tencent, Alibaba, and five financial associations and one with unknown identity. The sources additionally guaranteed that the coin’s technology was ready to deliver and that it could be unveiled by 11^th November.

The PBoC (People’s Bank of China) called the coverage as not accurate, explaining that it is not launching a bitcoin-like token in forthcoming months. The announcements follow after a day of broad coverage expressing that the national bank would give the first set of digital currency, Yuans to a group of financial players in the Chinese business.

Nevertheless, the report, in any case, showed up after weeks when the deputy director of PBOC’s payments department, Mu Changchun, said in a meeting that the national bank is “almost ready” to present the digital currency, Yuan. Moreover, he included that their digital currency would displace money in circulation or M0, instead of cash that produces credit and monetary policy.

Furthermore, PBoC earlier conceded that it is hurrying to introduce digital currency which will lessen the effect of Libra, a Facebook-supported cryptocurrency venture. While the social media giant is currently adopting a cautious strategy after being questioned by lawmakers and regulators around the globe, PBoC is hoping to take over as the first national bank to introduce the digital currency into the world.