The Global Times: the Central Bank of China denies reports about the release of its cryptocurrency

The Global Times claims that the Central Bank of China has denied recent reports about its plans to issue a state-owned cryptocurrency in November this year.

The Global Times is a newspaper published under the auspices of People’s Daily, the official publication of the Communist party of China. Its editor-in-chief, Hu Xijin, is believed to have close ties to the Chinese authorities. The Global Times said
in a tweet:

“Refuting media reports about the launch of a state-backed cryptocurrency in the coming months, China’s Central Bank called them” inaccurate and speculative.”

Rumors about the imminent launch of China’s state-owned cryptocurrency have been circulating for months. In July, it was reported that the upcoming launch of the Libra cryptocurrency forces the Central Bank of China to accelerate the development of its own digital currency. Then this was stated by the head of the research Bureau of the Central Bank of China Wang Xin (Wang Xin).

In addition, in the middle of the month, mu Changchun, Deputy Director of the payment and settlement solutions division of the Central Bank of China, said at a meeting of the China Finance 40 Group that work on the prototype of the Central Bank’s digital currency was completed.

And this week, Paul Schulte, who previously worked at the Chinese construction Bank, said that the country’s largest corporations will get access to the digital currency of the Central Bank of China: Alibaba, Tencent, UnionPay, Bank of China, Chinese construction Bank, Chinese agricultural Bank, as well as Industrial and commercial Bank of China.