NewsBTC
No Result
View All Result
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Bitcoin News
No Result
View All Result
Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30

Not Launching a Cryptocurrency in November: China’s Central Bank

Davit Babayan
Davit Babayan
6 years ago
2 mins read
bitcoin, cryptocurrency, pboc

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

China’s central bank has refuted media reports of it launching a state-backed cryptocurrency, according to Global Times, a government-affiliated news agency.

Refuting media reports of launching a state-backed cryptocurrency in the coming months, #China's central bank termed them as "inaccurate speculation." pic.twitter.com/Sb4tQVPD3G

— Global Times (@globaltimesnews) August 28, 2019

The People’s Bank of China (PBoC) called the coverages “inaccurate speculation,” clarifying that it is not in the process of launching a bitcoin-like token in coming months. The statements follow a day of extensive coverage stating that the central bank would give the first set of digital yuans to a handful of financial players in the Chinese industry.

According to Paul Schulte, former global head of commercial strategy for China Construction Bank, who broke the story to Forbes, those firms include China Construction Bank, the Bank of China, the Agricultural Bank of China, Alibaba, Tencent, and Union Pay.

A separate source associated with the development of the Chinese cryptocurrency further confirmed that the seven institutions would receive it. It also added that PBoC would launch the state-backed digital yuan on November 11, China’s busiest shopping day, known as Singles Day.

Reuters attempted to reach all the seven institutions for confirmation. Alibaba declined to comment, while others did not respond.

Cryptocurrency Almost Ready

The report nevertheless appeared weeks after Mu Changchun, deputy director of PBOC’s payments department, said in a meeting that the central bank is “almost ready” to introduce a sovereign digital yuan. The director added that their digital currency would replace cash in circulation, or M0, rather than money that generates monetary and credit policy.

“The digital currency would also support the yuan’s circulation and internationalization,” Mu said on August 12.

The Forbes report mentioned that the new digital yuan would be made available to spenders in the US and elsewhere in the West through cross-border banking channels. It added that PBoC’s move to introduce a smoother currency flow has to do with the rise of alternative currencies in China. People are typically buying non-sovereign assets, such as bitcoin, to bypass the state-imposed capital control laws. PBoC believes its digital yuan would reduce bitcoin’s influence over its people – and eventually, it’s economy.

“This dual delivery system is suitable for our national conditions,” said Mu. “It can not only use existing resources to mobilize the enthusiasm of commercial banks but also smoothly improve the acceptance of the digital currency.”

Beating Libra

PBoC earlier admitted that it is rushing to introduce its digital currency to mitigate the impact of Libra, a Facebook-backed cryptocurrency project. While the social media giant is now taking a cautious approach after being grilled by regulators and lawmakers around the world, PBoC is looking to take over as the first central bank to launch a digital currency project with finesse.

“China is barreling forward on reforms and rolling out the cryptocurrency. It will be the first central bank to do so,” said Schulte.

Tweet123Share208ShareSend
Davit Babayan
Davit Babayan

Davit Babayan

Davit Babayan is an Armenia-based expat balancing the academic life of a software design engineer with the experiences of a financial technology journalist. He aspires to be a full-time columnist and wants to write a book that would be called, "A Homeless Who Found Bitcoin."

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Related News

Lava Network’s RPC engine sets the infrastructure stablecoins need to scale

Stabelcoins and tokenized assets are quickly becoming the next frontier for payments and financial innovation, promising near-instant settlements, lower fees,...

NewsBTC 4 hours ago

Previsioni Ethereum: ETH a 4.000$? I Ribassisti Sono Al Comando?

Il prezzo di Ethereum ha registrato un forte calo dopo aver toccato un nuovo massimo storico sopra i 4.900$. Questo...

clararosati 5 hours ago

Memecore: Σημαντική άνοδος 36% από $0,63 σε $0,94 – Τι μπορεί να ακολουθεί

Το Memecore (M) επέστρεψε δυναμικά μετά τη διόρθωση στα τέλη Αυγούστου, καταγράφοντας άνοδο περίπου 36% από τα $0,63 στα $0,94,...

Ιωάννης Ριζόπουλος 5 hours ago
Load More

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Related News

bitcoin и графики

Почему Биткоин не дошел до $150 000 и какую роль играет инфраструктура?

daria 3 hours ago
Pyth rebound naar $0,45 verwacht deze week - blijft de Chainlink killer sterk?

Pyth rebound naar $0,45 verwacht deze week – blijft de Chainlink killer sterk?

Lars Diederiksen 3 hours ago
Crypto news Ray Dalio

Crypto To Overtake The Dollar? Ray Dalio Flags End Of Debt Cycle

Jake Simmons 3 hours ago

Premium Sponsors

Press Releases

  • Bitcoin Prediction $140,000: Sunny Mining App Helps Users...

    2 hours ago
  • ドージコイン 今後の価格予測:1ドル到達は可能か?

    ドージコイン...

    3 hours ago
  • リップル 今後の展望:2025年に5ドル予測、台頭する新興ウォレットトークンとは

    リップル...

    3 hours ago
  • シバコイン...

    3 hours ago
  • パイネットワーク...

    4 hours ago

Newsletter

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Company

  • About Us
  • Advertising
  • Contact Us
  • Privacy Center

Social

© 2025 NewsBTC. All Rights Reserved.

  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play Games
  • Casinos
Advertise

© 2025 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.