China is not launching a central bank-backed crypto in November, says China’s state media outlet the Global Times. | Source: REUTERS / Dado Ruvic
China is not launching a central bank-backed crypto in November. That’s what Chinese state media outlet the Global Times said, in refuting a Forbes report.
Central bank calls report ‘inaccurate speculation’
On Twitter, the Global Times shot down a widely-circulated Forbes story. In a terse denial, the Times claims that China’s central bank dismissed the rumor as “inaccurate speculation.”
Neither the newspaper nor the People’s Bank of China (the nation’s central bank) elaborated. Forbes has not updated or retracted its story. That’s not surprising, since the post has garnered more than 84,000 page views so far.
That said, many readers view the Global Times with skepticism. It’s widely considered the propaganda arm of the Community Party of China.
— Global Times (@globaltimesnews) August 28, 2019
Source allegedly claimed launch could take place by Nov. 11
Not surprisingly, the dubious news of the alleged Chinese cryptocurrency launch thrilled bitcoin investors.
The Forbes story claimed that China’s central bank would unveil a state-backed digital currency and issue it to these seven institutions:
- Bank of China
- Industrial and Commercial Bank of China
- Agricultural Bank of China
- China Construction Bank
- Union Pay.
A financial researcher named Paul Schulte told Forbes that the launch could take place as early as November 11.