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China will not launch its digital currency by November 2019
China will not launch its digital currency by November 2019
Crypto

China will not launch its digital currency by November 2019

By Stefano Cavalli - 24 Sep 2019

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The People’s Bank of China (PBoC) has denied the groundless rumours about China’s plans to launch its digital currency by November of this year.

This is a surprise announcement since, until a few weeks ago, everyone expected the arrival of this new asset, defined even as “better than Libra”, Facebook‘s cryptocurrency. It seems that the main problems are related to regulations that the PBoC is unable to comply with, at least for the moment.

The launch was initially envisaged by Forbes before November 11th, the day on which the Chinese e-commerce festival takes place. Different sources indicated that in China, Alibaba and Tencent would be the first large companies to benefit from this digital currency.

The Chinese Central Bank suddenly denied any technological progress without clearly outlining a timetable or any deadline by which the digital currency would enter the cryptocurrency market. Moreover, the PBoC is asking all the public to pay attention only to the official announcements of the company, avoiding all the speculative aspects that are prominent in this sector.

In a report, the Bank stated that an official announcement on the subject would be made in the future (but without announcing any deadline). Recent rumours speak of how the development of digital currency in China had already begun five years ago and that, probably, it will be a much more centralised asset than bitcoin (BTC), since it will report directly to the Chinese banks and government.

Libra‘s announcement, which nonetheless brings with it various regulatory issues in various countries around the world, has undoubtedly moved the water and pushed all countries to make technological progress in digital payments. It’s a race against time in which everyone has to participate, including a cutting-edge country like China.

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