Media: People's Bank of China denied "speculative reports" on the issue of digital currency

Developing the national digital currency, the People's Bank of China has not confirmed the information on the timing of the asset. This was reported by the local newspaper The Global Times, whose chief editor, according to rumors, has close ties with the country's authorities.

Refuting media reports of launching a state-backed cryptocurrency in the coming months, #China 's central bank termed them as "inaccurate speculation." Pic.twitter.com/Sb4tQVPD3G

– Global Times (@globaltimesnews) August 28, 2019

“Media reports about the launch of a state-supported digital currency in November 2019 are inaccurate and speculative,” the central bank said in a statement.

At the same time, representatives of the People’s Bank of China themselves reported about the imminent launch of the asset. So, according to the deputy head of the bank’s payment department, Mu Changchun, the prototype of the digital currency is already ready , and the department’s research group has fully developed the blockchain architecture for it.

Earlier this week, media reported that the People’s Bank of China could provide a unique right to use its digital currency to seven organizations. In particular, China Construction Bank, Industrial and Commercial Bank of China, Bank of China, Agricultural Bank of China, the two largest financial and technological companies of China Alibaba and Tencent, as well as the association of Chinese banks Union Pay.

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