0
📰 News
366 views

‘China Coin’ Not to Be Launched This November: Communist Party of China

  • Yuri Molchan
    📰 News

    A source close to the Chinese Communist Party reports that the so-called ‘China Coin’ is not to be released by the China’s central bank in November this year

‘China Coin’ Not to Be Launched This November: Communist Party of China
Cover image via freepik.com
Contents

It has been largely speculated that the Chinese central bank which is working on its own cryptocurrency at the moment plans to let it out to masses in November this year.

Now, a Chinese newspaper, whose editor-in-chief is close to the Chinese Communist Party, rejects this information, calling it ‘inaccurate speculation’.

China is not in a rush to release its coin

The world is anticipating the new Chinese technological move, in the sphere of finance this time.

For a long while already, Chinese people are getting out of the habit of using cash which has been now largely replaced by electronic payments – mainly via WeChat Pay app. To buy things, even to give some money to a beggar in the street, all they have to do is take out their smartphone and scan a QR code.

Now, the Chinese central bank (the PBOC) has been working on its fiat-backed and government-controlled crypto for several years and has recently accelerated its efforts, having heard Facebook’s plans to launch Libra in 2020.

Various sources reported that the ‘China Coin’ would be released this fall, in November.

However, now the person who closely works with the paper that belongs to the Communist Party of China denies that, calling the anticipation ‘inaccurate speculation’.

👉MUST READ

BitTorrent Launches Trials of BLive Streaming Platform with BTT Usage Intended

BitTorrent Launches Trials of BLive Streaming Platform with BTT Usage Intended

Binance Research takes a look at ‘China Coin’

On August 28, Binance published a summary of the report made by its analytical arm, Binance Research, offering a view of what the Chinese crypto may be like.

Binance Research stated that while the CBDC aims to improve monetary policy, it comes with concerns about potential risks and abuses of individual financial data.

The authors of the document have analyzed the Chinese CBDC (Central Bank Digital Currency). It would be pegged to fiat RMB on a 1:1 ratio and have ‘manageable anonymity and encryption features’.

The report says that the coin would be distributed to the population via banks. Also, recently U.Today reported that the Chinese central bank would use the help of seven major local companies, such as Tencent and Alibaba, to help pass the new currency to the population.

The report also says that the newly issued crypto would have:

The use of a "loosely-coupled" design, which would allow fund transfers without the need for a bank account.

The document also says that the CBDC would ensure:

The potential improvement of monetary policy, as CBDC allows the PBoC to map out a more comprehensive economic picture of all individuals and businesses across China.

The CEO of the BitMEX crypto exchange, though, believes that the China Coin will be just another method of controlling the population by following every their transaction and spending they make.

Subscribe to News.U.Today on Twitter and get involved in all top daily crypto news, stories and price predictions!

About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today.

Recommended articles
0
📰 News
122 views

Ex-Congressman Says Fed Should Not Play With Own Cryptocurrency

  •  Denis Sinyavskiy
    📰 News

    Former US Congressman Ron Paul shares his thoughts on the possible creation of Fed’s own cryptocurrency

Ex-Congressman Says Fed Should Not Play With Own Cryptocurrency
Cover image via www.123rf.com

Former US Congressman Ron Paul spoke on Fox Business and said that the Fed should not think about creating its own cryptocurrency.

Fed’s Crypto: To Be or Not To Be?

Rumors have been circulating for the past few months about the Fed possibly creating own cryptocurrency. It is expected that a digital coin would become a competitor to its counterparts on the market, and may even replace fiat money. President Patrick Harker, President of the Federal Reserve Bank of Philadelphia, commented on such rumors at a recent conference:

“It is inevitable. I think it is better for us to start getting our hands around it.”

However, there has not been no official follow-up by the Fed towards a crypto exchange. While proponents of this idea believe such innovation is necessary, it is expected that the exchange could stop the current delays involving US bank transfers.

What do the opponents think about the Fed's own cryptocurrency?

The idea of ​​creating the Fed's cryptocurrency has its opponents. This includes Ron Paul, who believes that the Fed is in a better position to stay away from digital coins and allow the private blockchain sector and payment platforms to resolve this discussion in real-time. What the Fed plans to do next is unclear, but the central bank may still enter the game.

Subscribe to the official News.U.Today Telegram channel. Get news first!

About the author

Starting with a simple interest in cryptocurrency, over the past two years, Denis has worked in a cryptocurrency fund and become an author with an analytical bias. His engineering degree helps with the analysis of the technical part of the cryptocurrency market. As a fan of cryptocurrency, Denis believes that the blockchain technology is the future.

Recommended articles

This site uses cookies for different purposes. Please set your preferences in Cookie Settings and visit our Cookie policy for more information on how and why cookies are used on this site. Click here for cookie policy

Cookie settings