Chinese DC / EP digital currency will not be launched in November
The People's Bank of China denied reports alleging the launch of its currency at the end of this year and considered it inaccurate speculations
The Chinese digital currency DC / EP would be distributed in Alibaba, Tencent and Union Pay according to reports published by the media. Before this, the People’s Bank of China clarified that these companies would not be the first institutions to receive the currency, This was reported by the bank to the Global Times, which said clarification emerged through the official platform of Chinese rebuttal of rumors piyao.org.cn.
However, last August, different news media, including Forbes, announced that the launch of the DC / EP cryptocurrency would be in November. Additionally, they indicated that it would be distributed mainly in Industrial and Commercial Bank of China, Agricultural Bank of China, and also in Alibaba, Tencent and Union Pay.
The entity noted that this digital currency is not expected to replace the current yuan system, since it is only a state-backed digital yuan. In this connection, the Bank marked a line between popular digital currencies such as Bitcoin and its DC / EP currency, considered a “legal digital currency.”
Although cryptocurrencies such as Bitcoin, Ethereum or Tether operate under an opaque legal framework in the nation, the new digital currency has no intention of displacing them to any of those already stable in the country.
According to the financial landscape of this new currency, it is presumed to seek to displace the flow of cash in circulation in the country. Given this, the financial agency informed that DC / EP will be “convenient for circulation in retail businesses and in daily payments.”
K.Villarroel
Source: dailybitcoin
