Bank Of China To Release It`s Digital Currency By November
Publish Date : 2019/08/28 - 07:24

BEIJING, Aug 28 (Reuters) - China plans to issue its own cryptocurrency as early as Nov. 11, the country’s busiest shopping day for online sales .The Bank of China has been considering launching its digital currency since 2014 to eliminate the cost of traditional paper money issuance and improve policymakers' control over money supply.

Some analysts say China appears to have accelerated for digital currency publishing after Facebook, the US social media giant, announced its plan to launch the Libera digital coin in June.

The PBOC plans to distribute its cryptocurrency through at least seven institutions in the initial stage, including Chinese tech giants Alibaba and Tencent, China’s largest payments card issuer China UnionPay, and four Chinese state-owned banks, the report said, citing a source involved in the development of the cryptocurrency and a former employee of one of the institutions who is now an independent researcher.

Source: Reuters

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