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People’s Bank Of China Denies Launch Of Online Currency Reports

The central bank of China has denied the widespread reports that it is going to release by November, a digital currency and also said that the Alibaba and Tencent which are internet giants are not going to be the first companies that utilize the online system of payments when the currency is rolled out.

The bank had made this announcement in the weekend through Piyao, which is the official website it has to bust rumors. It has given some details where it went beyond the denying of currency’s imminent release.

A lot of sources from the industry and outlets of media had reported that China was closing in on the unveiling of the system of digital payments and had said that the process has seen acceleration with the announcement of Facebook of the release of the currency of its own which is called Libra.

China will be becoming the country’s first big country to issue its country’s digital version if the release of the digital currency happens

It has also not been clear if this apparent postponing is as a result of the reshuffling which took place at the central bank of China.

The veteran of central-bank Mu Changchun had been promoted to the head of the bank’s research institute on digital currency. Mu has always been a big advocate of the digital currency and also said last month that this kind of a currency was being close to release.

In August, Mu had even said that this currency’s basis will be a two-tier system  which is similar to the one which is used in the production of minted money with the bank being engaged in the production and management of the currency which is circulated by commercial banks as well as other entities.

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