China may debut cryptocurrency in November
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.