Not Initiating in November: Chinese Central Bank Cryptocurrency Launch Denied
The Chinese Central Bank has refuted claims that it is going to instigate its national digital currency in the coming month (November). This is according to The Global Times, which is China's national English language newspaper.
Hu Xijin is the editor-in-chief there, and he is assumed to have close ties with the Chinese authorities and that global financial market participants closely monitor them.
Many reports in August both non-official and official have shown various signals that the People's Bank of China is looking to launch a digital legal tender. In a statement released on August 2, the PBoC proposed that they should accelerate development and research of its digital asset. This is because of concerns that came from the director for the bank saying that the launch of Facebook's coin Libra would it with the U.S dollar's hegemony.
The Deputy Director in the payment unit for the bank was giving indicators on August 10 that the institution was almost launching the cryptocurrency. Still, in the same month, a report from China daily suggested that the launch of the bank's digital asset was being rolled out soon because of the Libra launching announcement. It reported that this was following around five years of intense research and development work.
The Chinese company vehemently denied launching its digital currency this November as many sources and people had speculated. Speculations have it that the coin was to be initiated on November 11. It creates a lot of enthusiasm to see the central bank of a country embracing cryptocurrencies, and of course, China being the first looks ridiculous.
It may be realistic that the country wants to emerge as the global leader in terms of technology innovations, but China has long been seen as a big enemy of cryptocurrencies. China had even imposed a ban on ICOs and cryptocurrencies, thus forcing many companies to move to Japan and Hong Kong.
Speculations had it that the central bank would provide a couple of digital yuans to several financial players in the industry. Some of these institutions included the Bank of China, Alibaba, the Agricultural Bank of China, Tencent, and China Construction Bank.