TL;DR: Piyao, a state-run agency to combat online rumors and what the government considers fake news, released a statement regarding China’s supposed issuance of the country’s own cryptocurrency. While not denying eventual digitization of the renminbi, it stressed the Peoples Bank of China (PBoC) has no plans, much less within the rumored next 80 days, to launch a crypto nor associate it with the likes of Alibaba in doing so.

Piyao China Denies Officially Denies State-Backed Cryptocurrency

“The central bank rumors: ‘Digital currency in 80 days’ is not true,” Piyao of China insisted, hoping to quell more online speculation. Acknowledging entry into the monetary digital age to be of grave importance to the country’s leaders, it was quick to seek a definitive answer from the central bank regarding a cryptocurrency.

Rumors indeed have spread in recent weeks of the government being in a rush to hammer out the first major state-backed cryptocurrency, apparently in response to an ongoing trade war with the United States. A “large number of net news sources said: ‘The Chinese central bank issued digital currency within 80 days, and will initially be issued to the four major banks, Alibaba, Tencent and UnionPay,'” the anti-fake news agency noted.

To the above, Piyao claimed to confirm “that the time of launching digital media and participating institutions are all inaccurate information,” stressing the PBoC “will disclose [details] in due course,” and asked news outlets “refer to the official information.” Under the heading, “Digital currency ≠ virtual currency,” they elaborated the forthcoming PBoC’s “digital currency is based on national credit and the legal digital currency issued by the central bank, which is essentially different from ‘virtual currency’ such as bitcoin.”

It also took the opportunity to double-down on whatever is to eventually emerge not having an associated wallet, explaining “introduction of digital currency by the central bank is neither a popular e-wallet or online payment, nor a replacement for the existing renminbi system, but a digital renminbi cash.” Instead, the PBoC will adopt “a two-tier operating system, and adhere to a centralized management model, continuing the existing operational structure of central banks and commercial organizations to provide cash services.”

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