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China is nearing the launch of its cryptocurrency

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August 11, 2019 - 5:55 PM 
Readings: 31 ━ Category : Business


 

 

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China is preparing to launch their cryptocurrency, which has become a solution for many in China amid a raging trade war with the United States.

The official website "Engadget" quoted an official of the People's Bank of China (the central bank of China), it can be said that the ready currency is ready for action.

The official did not give a specific date for the launch of the new currency, a coup in China's policy towards cryptocurrencies, as Beijing initially denounced its use.

China's central bank began researching cryptocurrency five years ago, in 2014, before settling on the decision to use the new currency.

The raging trade war between Beijing and Washington seemed to have accelerated efforts by the Chinese authorities to create their own digital currency.

Bitcoin, the most expensive among cryptocurrencies, has seen a quantum jump in prices in 2019, as a result of growing Chinese buying.

Faced with growing US pressure, China has devalued its yuan, prompting many Chinese to turn to Bitcoin as a portfolio of gains.

Last week, the United States designated China as a currency manipulator, saying it would work with the International Monetary Fund (IMF) to eliminate China's "unfair advantage" by cutting the yuan against the dollar to its lowest level since last December.

China's central bank says it is difficult to imitate or infiltrate its cryptocurrency online, saying it has set complex rules to protect it.

He added that he presented a prototype for the design of the new currency, and the development of a trading system based on two layers, the first is to issue the central bank of the new currency for banks.

The second layer is that banks present the currency to the public, which differs from cryptocurrency trading in the virtual world.

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CBE cryptocurrency "almost ready"

CBE cryptocurrency "almost ready"

 12 August 2019 08:00 PM
Direct: A senior central bank official confirmed that the bank is almost ready to issue its own sovereign digital currency.

Mo Changchun, deputy director of payments at the People's Bank of China, said at a weekend conference that the virtual currency was "almost ready" for issuance.

The People's Bank has been researching this virtual currency for about five years.

The move to issue an alternative cash cache would be similar to the idea being examined by Sweden's central bank.

China's central bank is to launch its digital code through a two-tier system under which the People's Bank and commercial banks act as legitimate issuers.

The People's Bank said it would not rely exclusively on blockchain technology but would instead maintain a more neutral stance on the technology it would decide to use.

 
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China’s Central Bank ‘Close’ to Releasing Its Own Cryptocurrency – Reports

 

Cryptocurrencies

 

CC0

ASIA & PACIFIC

10:51 12.08.2019Get short URL

 

With Facebook pushing to create its own coin, Libra, the Chinese authorities are also entering the game. After several years of reported research amid the world’s bitcoin craze, China could become one of the first major economies to release its own cryptocurrency.

The cryptoсurrency of the People’s Bank of China is “close to being out”, a senior official from the financial institution stated at one of the country’s financial forums, Bloomberg reports. Deputy Director of the PBOC’s payments department Mu Changchun said at an event by China Finance 40 Forum that their researchers have been working since 2018 to create systems but did not elaborate about when the Chinese state digital currency will be released.

He is said to have repeated the PBOC’s plans to replace cash in circulation with digital coins rather than M2, which would generate credit and impact monetary policy. The outlet points out that his remarks signal the Chinese central bank is close to formally introducing its digital coin although the reports about their research have been circulating for about five years.

The PBOC stated earlier in August that it plans to “expedite the research of China’s legal digital tender”, keeping an eye on cryptocurrency development both abroad and at home. According to Bloomberg, the Chinese central bank earlier backed oversight of the digital asset, citing risks for the authority of monetary policy, amid Facebook’s push to develop its digital currency Libra.

The Chinese central bank has been holding a tight grip on cryptocurrency since banning ICOs (Initial Coin Offering) from being held and bitcoins and similar currencies from being traded in September 2017. Following this ban, almost 100 cryptocurrency exchanges have been closed. At the same time, China has been considered one of the key digital coin markets, with some reports suggesting that it houses 80% of cryptocurrency mining output thanks to the relatively low prices for electricity in some regions.

https://sputniknews.com/asia/201908121076528635-china-central-bank-cryptocurrency/

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