What Happened With Chinese National Cryptocurrency?

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What Happened With Chinese National Cryptocurrency?

Not so long ago, information saying that the Chinese central bank plans to launch a national cryptocurrency has appeared in November this year. The bank took the floor in the whole case.

Statement in the media

The bank's statement was published in The Global Times, a tabloid operating under the supervision of government media. The managing editor, Hu Xijin, is said to have had close ties with the Chinese government administration for years, and that the largest players in the financial markets are watching his activities.

On August 28, The Global Times published a statement on Twitter:

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

Media reports

Almost since the beginning of August, the central bank was informed about the Chinese national cryptocurrency, both officially and unofficially. Everything was related to Libra and the US dollar, which - according to the Chinese - would pose a risk to US financial hegemony.

On August 10, one of the bank's directors announced that the bank is practically ready to launch the cryptocurrency. Ten days later it was suggested that - after five years of research - the work on the coin was accelerated due to the appearance of Libra.

The Beijing government has been fighting Bitcoin for a long time. The Chinese nation itself is very supportive of cryptocurrencies - after all, there is a huge market in the industry in China. Bitcoin attracts a lot of interest in Hong Kong, where anti-government protests have been going on for weeks.