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No November launch for Chinese national digital currency, says PBoC

No November launch for Chinese national digital currency says PBoC

The famed Chinese national digital currency will not be launched in November 2019 after rumors of its launch surfaced recently. Chinese Central Bank, People’s Bank of China, PBoC has denied the recent claims of a November launch and put speculations to rest.

Multiple news portals, such as Forbes, published reports that China is planning a November 2019 launch of its national cryptocurrency. This led to heated debates in the crypto realm and fueled speculations about the country’s increasing economic prowess. However, PBoC had put all the rumors to rest on Saturday when it dispelled all rumors and branded as ‘inaccurate speculation.’ Its official statement clearly said that there is no planned launch date and declined that there’s a list of member institutions coming together for the digital currency.

Earlier, the news and rumors suggested that global banks and institutions are going to join the Chinese government for the project. Names included Bank of China, UnionPay, Agricultural Bank of China, Alibaba, ICBC, Tencent and many more.

Chinese national digital currency is eagerly awaited

Chinese digital Yuan is the most eagerly awaited digital currency after Libra. Both have the potential to be significant challengers the current king Bitcoin.

In July this year, former governor of PBoC suggested that China should consider allowing enterprise entities to issue Chinese digital Yuan much like the Hong Kong dollar case. He further said that upcoming Libra should be seen as a key challenger and China must take actions to achieve a stronger digital currency by strengthening Yuan.

Furthermore, PBoC has been vocal about its digital currency being significantly different from Bitcoin in spirit. It says that its cryptocurrency will be legalized and centralized technology that will have the full backing of the Chinese government. Its primary use will be in the retail sector for digital payments and is not intended to replace the traditional Yuan.

PBoC has also recommended the general public not to believe on rumors and rely only on the official press statements from the central bank itself.

Gurpreet Thind

Gurpreet Thind

Gurpreet Thind is pursuing Masters in Electrical Engineering at University of Ottawa. His scholarly interests include IT, computer languages and cryptocurrencies. With a special interest in blockchain powered architectures, he seeks to explore the societal impact of digital currencies as finance of the future. He is passionate about learning new languages, cultures and social media.

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