China may de­but cryp­tocur­rency in Novem­ber

Banking Frontiers - - Regulator -

China has def­i­nite plans to is­sue its own cryp­tocur­rency and pos­si­bly this will hap­pen in Novem­ber, specif­i­cally on 11 Novem­ber when the coun­try’s big­gest on­line shop­ping day hap­pens. The Peo­ple’s Bank of China (PBOC) has been ex­plor­ing the pos­si­bil­ity of launch­ing its own dig­i­tal cur­rency mainly with a view to cut the costs of cir­cu­lat­ing tra­di­tional pa­per money and boost pol­i­cy­mak­ers’ con­trol of money sup­ply. Ac­cord­ing to govern­ment sources, the PBOC will dis­trib­ute the cryp­tocur­rency through some 7 in­sti­tu­tions in the ini­tial stage. These in­sti­tu­tions in­clude Chinese com­pa­nies Alibaba and Ten­cent, pay­ments card is­suer China UnionPay and 4 state-owned banks.

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