The central bank of China contradicts the news about the digital yuan

The news that the Central Bank of China (PBoC) is ready to launch its own digital currency has been contradicted by the institution through an official announcement.

“The People’s Bank of China did not issue a digital currency (DC / EP) and did not authorize any trading platform to carry out transactions. The People’s Bank of China has been studying the legal digital currency since 2014 and is still in the process of research and testing. “DC / EP” or “DCEP” market transactions are set illegally in digital currency, and a deadline for issuing digital currency has not been set. “

PBoC did not provide any information on the release date or schedule and said the news on the subject could involve “pyramid schemes or fraud”.

The rumors about the launch of the digital yuan were fueled by the statements of Mu Changchun, the head of the digital currency research institute at PBoC.

The central bank of China is investigating

He said the bank is researching and developing its digital currency since 2014 and is “almost ready” to launch it.

According to Changchun’s recent statements, the digital currency will strive to strike a balance between protecting privacy and enforcing regulations. He said at an event in Singapore.

“We are aware that the public wants to maintain the anonymity currently offered by paper banknotes and coins … we strive to offer those who want the opportunity to maintain the anonymity of transactions.”

The difficulty is to maintain a balance between “controllable anonymity” and regulations regarding the prevention of money laundering, terrorist financing and the verification of transactions for tax purposes.