China’s Government and Central Bank just can’t seem to align on the proposed central bank digital currency (CBDC). On Tuesday, government-supported tabloid, Global Times, reported that the Central Bank called speculation on an upcoming launch ‘inaccurate speculation’. Then yesterday, it published an article suggesting that plans are gaining momentum, with a pilot-scheme in Shenzhen imminent.


“Inaccurate Speculation” – China Central Bank

Media reports regarding China’s experiments with a CBDC have been increasing over the last month. The suggestion has been that the state-backed digital currency is almost ready to roll out. This came from an announcement by a People’s Bank of China (PBOC) official.

Mu Changchun, Deputy Chief in the Payment and Settlement Division, said that the prototype was complete, and running on a slightly modified back-end blockchain. He told the China Finance 40 group: “People’s Bank digital currency can now be said to be ready.”

So Global Times’ tweet on Tuesday may have come as…

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Source: https://thebitcoinnews.com/chinas-state-backed-cryptocurrency-gaining-momentum-or-inaccurate-speculation/