{"id":114714,"date":"2019-10-02T00:05:27","date_gmt":"2019-10-02T00:05:27","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=114714"},"modified":"2021-04-22T12:04:36","modified_gmt":"2021-04-22T11:04:36","slug":"central-bank-china-digital-currency-wont-launch-november","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/central-bank-china-digital-currency-wont-launch-november\/","title":{"rendered":"Central Bank of China denies that it&#8217;s launching a cryptocurrency in November"},"content":{"rendered":"<p>China's central bank denied <a href=\"https:\/\/cryptoslate.com\/central-bank-of-china-to-launch-digital-currency-within-months-in-fight-to-retain-control-over-monetary-policy\/\">claims<\/a> that it will roll out a cryptocurrency this November, adding that the parties involved in its distribution have been misconstrued, according to <a href=\"https:\/\/technode.com\/2019\/09\/23\/chinas-fiat-digital-currency-will-not-launch-in-november-pboc\/\">TechNode<\/a>. The statement is a rebuttal to a widely circulated article by Forbes.<\/p>\n<p>The People\u2019s Bank of China (PBOC) stated on <a href=\"http:\/\/www.piyao.org.cn\/2019-09\/21\/c_1210288155.htm\">Piyao<\/a>, Beijing\u2019s official platform for exposing \u201conline rumors,\u201d that a \u201clarge number of net news sources\u201d had been inaccurate in their reporting on the country\u2019s cryptocurrency launch timeline and misconstruing the parties involved in its distribution.<\/p>\n<h2>Fake news, apparently<\/h2>\n<p>The statement is a rebuttal to a widely circulated August article by <a href=\"https:\/\/www.forbes.com\/sites\/michaeldelcastillo\/2019\/08\/27\/alibaba-tencent-five-others-to-recieve-first-chinese-government-cryptocurrency\/#7810d0b61a51\">Forbes<\/a>\u00a0that cited a number of intimate sources, claiming China\u2019s \u201cDC\/EP\u201d (Digital Currency\/Electronic Payments) would be launched as early as November and distributed by China\u2019s four largest banks, Alibaba, Tencent, and Union Pay.<\/p>\n<p>While the PBOC denied the claims, calling them inaccurate, it didn\u2019t clarify when or how the coin would be launched. Though, it did advise that \u201cofficial information\u201d would be offered in due course. It did, however, offer a few snippets of official guidance.<\/p>\n<h2>It\u2019s not \u201cvirtual currency,\u201d it\u2019s \u201clegal\u201d digital currency<\/h2>\n<p>China has traditionally attempted to stifle the use of cryptocurrency within its borders\u2014<a href=\"http:\/\/www.pbc.gov.cn\/goutongjiaoliu\/113456\/113469\/3374222\/index.html\">banning cryptocurrency exchanges<\/a> in 2017. Notably, the PBOC does not seem to be pitching DC\/EP as a state-sanctioned alternative to crypto.<\/p>\n<p>In fact, the PBOC said that DC\/EP will be a national credit-based currency issued by the central bank. The currency would be fundamentally different from \u201cvirtual currency\u201d such as Bitcoin and will not be useful for online purchases or \u201ce-wallets.\u201d Instead, the coin is a \u201clegal,\u201d digital replacement for Renminbi cash, as per the bank\u2019s <a href=\"https:\/\/cryptoslate.com\/central-bank-of-china-to-launch-digital-currency-within-months-in-fight-to-retain-control-over-monetary-policy\/\">previous description<\/a>.<\/p>\n<p>The comments do little to decipher Beijing\u2019s blankly inscrutable stance on cryptocurrency. While cryptocurrencies have been banned from exchange in China, they are still <a href=\"https:\/\/cryptoslate.com\/central-bank-of-china-to-launch-digital-currency-within-months-in-fight-to-retain-control-over-monetary-policy\/\">recognized as legal property<\/a>. It\u2019s likely China will continue to find ways to combat cryptocurrency so long as they pose a threat to the country\u2019s tight monetary controls.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>China&#8217;s central bank denied claims that it will roll out a cryptocurrency this November, adding that the parties involved in its distribution have been misconstrued, according to TechNode. The statement is a rebuttal to a widely circulated article by Forbes. The People\u2019s Bank of China (PBOC) stated on Piyao, Beijing\u2019s official platform for exposing \u201conline [&hellip;]<\/p>\n","protected":false},"author":175,"featured_media":116282,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[35,76747,11],"tags":[],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Central Bank of China denies that it&#039;s launching a cryptocurrency in November<\/title>\n<meta name=\"description\" content=\"China&#039;s central bank denied claims that it will roll out a cryptocurrency this November, adding that the parties involved in its distribution have been misconstrued.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/central-bank-china-digital-currency-wont-launch-november\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Central Bank of China denies that it&#039;s launching a cryptocurrency in November\" \/>\n<meta property=\"og:description\" content=\"China&#039;s central bank denied claims that it will roll out a cryptocurrency this November, adding that the parties involved in its distribution have been misconstrued.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptoslate.com\/central-bank-china-digital-currency-wont-launch-november\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoSlate\" \/>\n<meta property=\"article:published_time\" content=\"2019-10-02T00:05:27+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-04-22T11:04:36+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/10\/china.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Jonnie Emsley\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Central Bank of China denies that it&#039;s launching a cryptocurrency in November\" \/>\n<meta name=\"twitter:creator\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:site\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Jonnie Emsley\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/cryptoslate.com\/central-bank-china-digital-currency-wont-launch-november\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/cryptoslate.com\/central-bank-china-digital-currency-wont-launch-november\/\"},\"author\":{\"@type\":\"Person\",\"@id\":\"https:\/\/cryptoslate.com\/author\/jonnie-emsley\/#person\",\"name\":\"Jonnie Emsley\",\"url\":\"https:\/\/cryptoslate.com\/author\/jonnie-emsley\/\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/cryptoslate.com\/author\/jonnie-emsley\/\"},\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/cryptoslate.com\/author\/jonnie-emsley\/#authorimage\",\"url\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/10\/author-jonnie-emsley.jpg\",\"contentUrl\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/10\/author-jonnie-emsley.jpg\",\"caption\":\"Jonnie Emsley\"},\"jobTitle\":\"Contributor\",\"description\":\"Jonnie is a writer and blockchain enthusiast based in Ho Chi Minh City, Vietnam. 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