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Chinese Monetary Body Calls Reports of Digital Currency Laun...

Chinese Monetary Body Calls Reports of Digital Currency Launch “Inaccurate”

China’s central bank, The People’s Bank of China (PBoC), has released a statement saying that it is “still in the process of research and testing” its digital yuan.

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Announcing the news on Wednesday, the PBoC said that news reports stating that the central bank has issued its digital currency are fraudulent.. The announcement states that “The People’s Bank of China has not issued legal digital currency (DC/EP) and has not authorized any asset trading platform to conduct transactions”.

The statement by the central bank came as a result of some news outlets falsely issuing a timetable for the launch, which are “inaccurate,” says the central bank. “The market transactions ‘DC/EP’ or ‘DCEP’ are illegally set digital currency, and the legal digital currency issuance time is inaccurate.”

The PBoC did not provide any details on a launch date or schedule, and said that any launch announcements in the name of the central bank may involve “fraud and pyramid schemes.”

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