Chinese Cryptocurrency is Not Coming Anytime Soon, Says Reports


Ever since Bitcoin and other cryptocurrencies became far more mainstream following the remarkable rally in 2017, there has been a lot of talk about large institutions getting into this space. For instance, banking giant JP Morgan came up with its own digital coin last year. However, in 2019, a bigger piece of news came to the fore.

It emerged that the Chinese central bank, the People’s Bank of China, was going to launch its own digital asset. It goes without saying that this is a major development in the history of cryptocurrencies, and, naturally, there is a lot of excitement about the Chinese government getting into space in such a big way.

Ease of Speculation

Yesterday, it emerged that the Chinese central bank was readying to launch the cryptocurrency in November this year. However, the speculation was dismissed by the Chinese newspaper Global Times, which is well known for being close to the government. The newspaper sent out a tweet through its official Twitter account and stated, “Refuting media reports of launching a state-backed cryptocurrency in the coming months, #China’s central bank termed them as ‘inaccurate speculation.’” The announcement put cold water on all the speculation that has gone on regarding the cryptocurrency over the recent weeks.

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Throughout the course of August, speculation has been rife that Chinese cryptocurrency was going to be launched at some point in November. At the start of August, the People’s Bank of China stated that the development of the digital currency had been accelerated.

Yesterday, several reports emerged in which it was stated that the central bank was going to distribute the coins among China’s biggest financial institutions in order to ensure that it is distributed efficiently across the vast population. Although it is true that no date has yet been given regarding the launch, it is fairly clear that the whole thing has probably been deferred for now.

Featured image: DepositPhotos © Alan

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