Country Focus

Chinese government to launch native cryptocurrency in November

The Chinese government is planning to launch a Central Bank Digital Currency (CBDC) this November, according to Forbes.

The decision to launch a CBDC comes just months after Facebook revealed its own plans to launch a cryptocurrency, dubbed the Libra project.

However, Libra was heavily scrutinised during a recent US Senate hearing, with government officials lamenting the lack of regulatory foresight and the fact that it is based in Switzerland and not the United States.

Binance Research has released a report on China’s planned CBDC, which reads: “Following Facebook’s recent Libra whitepaper release, the Chinese central bank accelerated its plans to launch its own digital currency amidst growing concerns about continued capital outflows that could weaken the renminbi (RMB).”

The planned launch date for the CBDC is November 11, which is the busiest shopping day of the year in China – known as Singles’ Day.

Forbes also revealed that China’s CBDC could handle approximately 300,000 transactions per second, making it five times faster than Visa.

Interestingly, the launch of China’s digital currency coincides with comments from the Bank of England’s Mark Carney, who suggested that the US dollar could one day be replaced with a digital currency.

An unidentified source told Forbes that the CBDC will be issued to seven institutions including the People’s Bank of China, Alibaba, and the Agricultural Bank of China, with an eighth institution also in the pipeline.

For more news, guides, and cryptocurrency analysis, click here.

Oliver Knight

Londoner ‘Ollie’ graduated from Birmingham City University with a journalism degree in 2016. He combines his writing with his love of crypto and blockchain here at Coin Rivet, saying “It disrupts well-established institutions (banks) while giving an avenue to the less fortunate to achieve financial freedom.” Like all true Londoners, his pet hate is… “People standing on the left-hand side of the escalators on the Tube!”.

Disqus Comments Loading...

Recent Posts

The surge of Bitcoin NFTs: Everything you should know about Bitcoin ordinals

From digital art to real-estate assets, NFTs have become a significant attraction for investors who…

3 weeks ago

MEXC Partners with Aptos to Launch Events Featuring a 1.5 Million USDT Prize Pool

Singapore, Singapore, 21st October 2024, Chainwire

3 weeks ago