Chinese State Media Refutes Claims that Digital Currency WIll Launch in November

Michael LaVere
  • Chinese state media The Global Times has refuted reports that the central bank digital currency will launch in November.

Chinese State Media has claimed that the country's central bank digital currency will not be launching in November, contrary to reports that surfaced earlier in the week. 

China's Central Bank Digital Currency

According to a Global Times report on Aug. 28, China’s central bank cryptocurrency is not planned to be distributed in November, despite the currency being confirmed as ready for launch. The Global Times is China’s English-language news publication for the Communist Party of China and is suspected of having close ties to Chinese authorities. 

The publication posted an official update to Twitter refuting new stories circulating that the central bank’s digital currency would be launching later this year, 

“Refuting media reports of launching a state-backed cryptocurrency in the coming months, #China's central bank termed them as "inaccurate speculation."

Some of the speculation around the digital currency has stemmed from a report by Forbes, which quoted a former global head of financial strategy for China Construction Bank that was confirmed by an additional source. 

According to two insiders, China’s central bank was planning to issue the digital currency as soon as November by first distributing to companies such as Alibaba, Tencent and Union Pay, in addition to the Bank of China and the Agricultural Bank of China. 

The institutions would then be responsible for aiding in the dissemination of the digital currency to China’s 1.3 billion Chinese citizens.