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According to Forbes, China’s central bank is ready to introduce their own cryptocurrency “China Coin” by November.
As per the reports, The People’s Bank of China (PBOC) has been exploring the possibility to launch its own digital currency since 5 years to cut the costs of circulating traditional paper money and enhance the policymaker’s control of money supply.
The PBOC plans to distribute its cryptocurrency through at least seven institutions in the initial stage. This includes Chinese tech giants Alibaba and Tencent, China’s largest payment card issuer China UnionPay, and four Chinese state-owned banks.
Earlier this month, deputy director of PBOC’s payments department, Mu Changchun, told a forum the PBOC is almost ready to launch China’s own sovereign digital currency.
The report also claimed that The People’s Bank of China (PBOC) hopes its cryptocurrency will be available in the United States and elsewhere. Basically, through relationships with correspondent banks in the West.
However, the anonymous source also said that the hope is that the cryptocurrency will be used within the US through correspondent banks.
It’s worth noting that the move comes amid a growing tension between China and the US. This caused the Yuan to be experiencing substantial declines and historic lows.