Chinese Central Bank: China Will Not Launch A Cryptocurrency

The People’s Bank of China, known as the Central Bank of the country, has recently affirmed that the rumors surrounding the launch of a state-backed cryptocurrency are not true. The report was made by The Global Times, the official newspaper of the Communist Party of China, so it is pretty much an official source.

According to the reports, the bank refuted the media reports about the upcoming token, which would be out in November, and called them wild speculation.

Rumors Are Pretty Strong

Are the officials from the bank telling the truth? It’s actually hard to say. During the whole month, there were several reports from various sources that the People’s Bank of China was creating a new blockchain ledger.

For instance, back on August 2, the bank affirmed that it would speed up its research of digital currencies in response to Facebook’s Libra. During the month, there were indications that the bank would be almost ready for the launch coming from official sources.

Forbes reported that the bank would give the first digital tokens to several banks and large companies such as Tencent and Alibaba. Other sources claimed that the new token would be launched on November 11.

With all these reports, has China changed its mind? It is actually impossible to tell, due to how the Chinese state protects this kind of information, but it all seems to point to the fact that the plans for the token existed.

Has China given up or it is lying to misdirect people? Maybe it was all speculation all along? Time will tell.

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Gabriel Machado
Brazilian journalist who is interested in the future of the financial world. Has a special interest in the blockchain technology and the global financial markets. Covers economic and technology news with a focus on the fintech industry and has been writing about the cryptocurrency market since the start of 2017.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer


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