China Rumored to Launch Digital Currency in November

Asia Blockchain Review
September 6, 2019
China Rumored to Launch Digital Currency in November

Experts in the crypto community have expressed confidence that China is close to introducing its state-owned cryptocurrency, amid Facebook announcing the launch of its own Libra coin. The latest reports indicate that China’s central bank is set to unveil the world’s first Central Bank Digital Currency (CBDC) on November 11th.

Introducing China’s CBDC

According to an unconfirmed report by Nederob citing Forbes, the People’s Bank of China (PBOC) — the country’s central bank — has been working on the token for the past five years. Major Chinese entities, including Tencent, Alibaba, four Chinese banks, and credit card firm Union Pay, would be granted the CBDC in order to distribute them further to Chinese consumers. 

The implications for the central bank token are huge. There are over 1.4 billion potential users of the currency in China alone, and with the PBOC reportedly planning to allow foreign investment in the system, China’s digital currency could find its way in crypto wallets across the world.

Chinese Consumers Ready for Digital Currency

Digital payments are nothing new to the general consumer in China. Ant Financial’s Alipay alone has over 231 million customers making online transactions annually. Meanwhile, WeChat — the largest messenger application in China — reported that it has 900 million monthly paying users. 

Digital payments haven’t been confined to online shopping. Users in China can also scan QR codes and pay for services such as public transit via these apps, indicating the degree to which digital payments have already integrated into daily life in China.


About Asia Blockchain Review

Asia Blockchain Review is the largest initiative for media and community building in Asia for blockchain technology. It aims to connect all blockchain enthusiasts on a regional scale and facilitate the technological foundation of blockchain through a range of group discussions, technical workshops, conferences, and consulting programs.

Our goal is to cultivate and encourage a collaborative community for our members to gather, share their experiences and endeavors in the blockchain space, and brainstorm the potential uses of blockchain technology.

Follow Asia Blockchain Review on:

    Related Article
    Blockchain-Based Property E-Sealing In China
    China courts are employing blockchain and AI-powered electronic seals to secure properties from dest...

    August 3, 2020

    Future Doctors: An Exploration Of Technology
    Blockchain technology provides an innovative approach to automated DR programs which creates another...

    July 25, 2020

    Vietnam On Track For A Supercharged Future
    The Vietnamese government wants to see the e-commerce sector to grow by at least 25% each year. Reac...

    July 22, 2020

    Digital Payment: Dethroning Cash As King
    In the age of the new normal post-Covid-19, perhaps blockchain wallets may be the technological gene...

    July 21, 2020

    We provide information about Asia Blockchain Review latest activities as well as global blockchain news and research. Subscribe to our Newsletter now or Contact us