Central bank scotches digital currency rumors

Huang Yixuan
People's Bank o0f China says it had never issued any legal digital currency/electronic payment, nor had it authorized any asset trading platforms to conduct transactions for DC/EP.
Huang Yixuan

China's central bank has denied a rumor that it has issued digital currencies or has authorized trade in such currencies.

A statement posted on the People's Bank of China website on Wednesday said it had never issued any legal digital currency/electronic payment, nor had it authorized any asset trading platforms to conduct transactions for DC/EP. 

The bank started studying its legal digital currency in 2014, and is still in the process of testing. 

All those "DC/EP" or "DCEP" currently on the market are not the country's legal digital currencies, and the rumored launch time of legal digital currencies is not accurate, the central bank said.

Governor Yi Gang said in September that the central bank will launch a package that combines the central bank digital currency with electronic payment instruments, with the goal to partly replace cash.

Its digital currency framework will not change the existing currency supply routes and system, and it will select the best technology in the market through fair competition, involving not only blockchain but also new technologies that evolve from the existing electronic payments, Yi said.

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