Copy link
Increase text size
Decrease text size
Link copied

PBoC refutes media reports on its cryptocurrency launch plans: Chinese State Media

Thu, 29 Aug 2019, 11:13 am UTC

The People’s Bank of China’s (PBoC) has reportedly refuted recent reports that it was launching a government-backed cryptocurrency in coming months, The Global Times said in a tweet.

The Global Times, China’s national English language newspaper, is under People’s Daily, which is the official newspaper of the Communist Party of China (CPC). Hu Xijin, the editor in chief of the Global Times, is believed to have close links with the government authorities, Cointelegraph noted.

Earlier this month, the central bank revealed its intention to accelerate the pace of the research and development of its digital currency in the forthcoming months. Soon after, several reports started surfacing that the PBoC was getting closer to launching its cryptocurrency, with some suggesting that the digital currency could be launched as early as November 11.

More recently, sources reportedly familiar with the central bank’s ongoing work revealed the first tier of institutions that will be initially issued the cryptocurrency, dubbed DC/EP (Digital Currency/Electronic Payments). This includes the China Construction Bank, the Industrial and Commercial Bank of China, the Bank of China, the Agricultural Bank of China, Alibaba, Tencent, and Union Pay.

However, Mu Changchun, deputy director of the Paying Division of the PBoC and the new head of China’s cryptocurrency research lab, has provided some technical details of the project, according to Forbes.

Changchun said that the DC/EP was capable of handling 300,000 transactions per second, compared to Libra’s 1,000 transactions per second. He also said that the DC/EP was based on a centrally managed architecture and not a “pure blockchain architecture,” which requires waiting for transaction confirmations in a block.

TokenPost | [email protected]

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
  • Bitcoin (BTC) $10,111.50 (+3.26%)
  • Ethereum (ETH) $279.86 (+4.28%)
  • XRP (XRP) $0.224600 (+0.84%)
  • Bitcoin Cash (BCH) $417.47 (+1.45%)
  • Bitcoin SV (BSV) $307.69 (-2.97%)
  • Bitcoin (BTC) $10,111.50 (+3.26%)
Feb 19, 2020 (Wednesday)
Crypto Technicals: BTC/USD consolidates previous session's spike, 'Golden Cross' keeps scope for further upside
Crypto finance firm Amber raises $28M in Series A funding
China upgrades national PPP information platform to use blockchain, AI and big data
Feb 18, 2020 (Tuesday)
Enjin’s game development platform goes live on ethereum
Crypto Technicals: Major Cryptocurrency Support Resistance Levels
Crypto Technicals: Major Cryptocurrency Daily Technical Outlook
Boerse Stuttgart's blocknox to offer crypto custody services to institutional clients
Crypto derivatives exchange Deribit lists daily ether options
UEFA EURO 2020 tickets to be distributed using blockchain-based ticketing system
South Korean and Singaporean crypto exchanges partner to develop new services
Russian central bank completes blockchain tokenization pilot in its regulatory sandbox
Crypto Technicals: ETH/USD retraces brief dip below 200H MA, close above 5-DMA to see upside resumption
Crypto exchange FCoin likely to default after up to $130M bitcoin shortfall
France-based Lagardère Sports partners with blockchain-based fan engagement platform Chiliz
Binance launches cloud solution to simplify launching cryptocurrency exchanges
Crypto Technicals: BTC/USD hovers around 21-EMA (9690), potential 'Golden Cross' limits downside
Telecom giants jointly test blockchain solution for automating roaming discount agreements
Feb 17, 2020 (Monday)
Fullerton Markets adds support for cryptocurrency deposits and withdrawals
Crypto asset custodian Copper raises $8M in Series A round
Crypto Technicals: Major Cryptocurrency Support Resistance Levels
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.