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Сhina’s Central Bank: Digital Yuan Is Still in Research&Testing Phase
November 13  |  2 min read

Chinese Central Bank: Reports on Digital Yuan Launch Are Fraud

The COIN360 Editorial Team

The Chinese central bank’s digital currency project is still in the research and testing phase, specified The People's Bank of China (PBOC) on November 13. According to the PBOC’s announcement, all reports that the digital yuan has been launched are “fraudulent.”

China’s central bank warned against any “fraud and pyramid schemes" that claim to offer digital yuan in the name of the central bank, since the bank “has not issued legal digital currency (DC/EP or DCEP) and has not authorized any asset trading platform to conduct transactions” yet. Also, timetables for the digital currency launch issued by some news outlets are inaccurate.

In October, Huang Qifan, vice president of the China International Economic Exchange Centre, which is believed to be China’s top think tank with connections to the government,
shared that the People’s Bank of China is close to rolling out its digital currency, and probably would become the first central bank to do so.

This week, the head of the People’s Bank of China’s digital currency research institute Mu Changchun specified that the government aims to maintain a balance between the demand for anonymity and the need to prevent crimes in its digital currency project.

A full overview of recent developments in the blockchain industry in China is available in a recent COIN360 report.