Central Bank of China called “speculation” messages on the launch of digital currency in November

The People's Bank of China (PBoC) has denied media reports about the launch of the national digital currency in November and participating organizations, according to the Global Times .

In August, information appeared that the launch of the digital currency of the Central Bank (CBDC) of China will occur no later than November 11. It was also reported that seven organizations will receive the exclusive right to distribute national digital currency: four of the country's largest commercial banks, two financial and technology companies Alibaba and Tencent, as well as the Union of Chinese Banking Association, which manages the national payment system.

In a statement posted on a China-based anti-rumor platform, PBoC described the CBDC launch dates and participating organizations as “inaccurate speculation.”

The Central Bank of China noted that CBDC differs from Bitcoin and other existing cryptocurrencies in that it is managed centrally, secured by state reserves and is a legal means of payment. The national digital currency will not replace the yuan, but will be its electronic version.

Recall that earlier, the former head of the Chinese central bank Zhou Xiaochuan called for accelerating the development of the digital renminbi, pointing out the threat from Facebook's Libra, while Huawei founder Ren Zhengfei said that China should release its own analogue of the social media currency.

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