China says state cryptocurrency set to rival bitcoin is 'close' to launch

China says state cryptocurrency set to rival bitcoin is ‘close’ to launch

 

China ‘s central bank has revealed it will soon launch its own state-backed cryptocurrency following five years of research.

A senior official at the People’s Bank of China said the cryptocurrency was "close to being out" at an event held by China Finance 40 Forum, according to separate reports in Reuters and Bloomberg, though failed to provide a specific date for its unveiling.

Mu Changchun, deputy director of the China’s central bank, said the new currency would rely on a "two-tier" system that would allow both the PBC and financial institutions to issue the currency.

China has traditionally been resistant to decentralised cryptocurrencies like bitcoin, despite the country being home to some of the world’s largest cryptocurrency mining facilities .

But while China pushes back on bitcoin adoption, the PBC has been researching the potential of its own cryptocurrency since 2014. Created with Sketch. Bitcoin’s volatile history in pictures

Show all 8 Created with Sketch. Created with Sketch. Created with Sketch. Bitcoin’s volatile history in pictures

1/8 Satoshi Nakamoto creates the first bitcoin block in 2009 On 3 January, 2009, the genesis block of bitcoin appeared. It came less than a year after the pseudonymous creator Satoshi Nakamoto detailed the cryptocurrency in a paper titled ‘Bitcoin: A peer-to-Peer Electronic Cash System’ Reuters 2/8 Bitcoin is used as a currency for the first time On 22 May, 2010, the first ever real-world bitcoin transaction took place. Lazlo Hanyecz bought two pizzas for 10,000 bitcoins – the equivalent of $90 million at today’s prices Lazlo […]