Central Bank of China denies reports on the release of its cryptocurrency

The Global Times claims that the central bank of China has denied recent reports of its plans to issue state-owned cryptocurrencies in November this year.

The Global Times is a newspaper published under the auspices of People’s Daily, the official publication of the Chinese Communist Party. It is assumed that its chief editor, Hu Xijin, has close ties with the Chinese authorities. The global times stated
on his twitter:

“Refuting media reports about the launch of state-supported cryptocurrencies in the coming months, the Central Bank of China called them“ inaccurate and speculative. ”

Rumors about the imminent launch of the state cryptocurrency of China have been circulating for several months. In July, information appeared that the upcoming launch of the Libra cryptocurrency was forcing the Central Bank of China to accelerate the development of its own digital currency. Then it was stated by the head of the research center of the Central Bank of China, Wang Xin (Wang Xin).

In addition, in the middle of the month, Mu Changchun, deputy director of the payment and settlement solutions department of the Central Bank of China, said at a meeting of China Finance 40 Group that work on the prototype of the digital currency of the Central Bank was completed.

And this week, Paul Schulte, who previously worked at the China Construction Bank, said that the country’s largest corporations will have access to the digital currency of the Central Bank of China: Alibaba, Tencent, UnionPay, Bank of China, Chinese Construction Bank, Chinese Agricultural Bank, and also Industrial and Commercial Bank of China.