PBOC denies rumors about national cryptocurrency

Posted 24 September, 2019

The People's Bank of China (PBoC) made an official statement about the launch of its own national cryptocurrency. The financial regulator denied the news that the asset would be presented before November 11, as well as information about the participating organizations of the project.

The central bank called the rumors "inaccurate speculation." Also, representatives of the department emphasized that the national cryptocurrency will not be like Bitcoin or altcoins, it will be managed centrally, provided with state reserves and will be a legal means of payment. The new asset will become an electronic version of the renminbi.

Earlier, local media have already written that the Central Bank has denied information about the timing of the release of its cryptocurrency. Now the financial regulator has made an official statement on this subject. 

Recall that China has changed its rules for the cryptocurrency industry in the country against the backdrop of a trade conflict with the United States, even calling bitcoin “a safe haven” for people amid the unstable situation in the global economic space.

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24 September, 2019 11:53

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