The People’s Bank of China has denied rumors about the release of state cryptocurrency in November

The People's Bank of China has denied rumors about the release of state cryptocurrency in November

According to the local Global Times, the People’s Bank of China (NBK) has denied rumors that the issue of state cryptocurrency is scheduled for November this year.

Representatives of the NBK emphasized that the rumors about the launch of the Chinese state cryptocurrency in November “were inaccurate speculations.” The NBK also said that private banks and large companies do not participate in the development of cryptocurrency, although earlier it was reported that seven companies, including Alibaba, Tencent and UnionPay, will have access to the state cryptocurrency.

The NBK called on the public to trust only official statements of authorized persons. In addition, the institution once again noted that the cryptocurrency being developed by the bank will not be similar to bitcoin. The NBK calls the coin “legal digital currency”, which will be supported by the state. At the same time, the “digital yuan” will not replace the fiat currency, but will be used in parallel for retail payments.

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The information that the People’s Bank of China is ready to launch its own cryptocurrency appeared in August. Then the deputy director of the payment and settlement solutions department of the Central Bank of China Mu Changchun at a meeting of China Finance 40 Group said that work on the prototype of the digital currency of the Central Bank has been completed.