Local Chinese media platform, Global Times, has reported that China’s digital currency said to be ready for launch will not be available this November, contrary to popular rumours. This was made known via a tweet posted by the newspaper’s official account. The tweet from Global Times, which is a subsidiary of the People’s Daily owned by the Communist Party of China (CPC) said:
“Refuting media reports of launching a state-backed cryptocurrency in the coming months. China’s central bank termed them as “inaccurate speculation.”
There have been several stories floating around about China and its forthcoming digital currency. Recently, an official statement was released by China’s central bank, saying that it would be speeding up research and development into the production of the crypto. It was rumoured that this decision was made because of Facebook’s Libra and also to control any further fallout that could possibly occur from the ongoing Sino-U.S. trade war. Shortly after, an official was then quoted saying that the digital currency was close to ready.
Currently, no one knows for sure when the currency will be ready as reports now seem to vary. However, its obvious that sometime in the near future, China will eventual float its own state-backed digital currency. There’s always the chance that the launch of the currency will do wonders for China especially as it is hoped to reduce any dependence the country currently has on the U.S. Dollar. Venezuela, for example, launched the digital Petro to circumvent sanctions placed on the country by the U.S. and others, but this hasn’t worked out quite well. Only time will tell if the Chinese digital currency will help or will end up as another digital Petro.
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