Online Impostors Prompt PBoC to Deny Digital Yuan Launch

The People’s Bank of China (PBoC) stated the nation’s stablecoin initiative is still in the trial phase with no date set for its roll-out, in spite of online impostors claiming something else.

The digital yuan is officially dubbed the Digital Currency Electronic Payment (DECP) and the central bank’s statement came after a site had an API with a countdown demonstrating that the national stablecoin would dispatch on November 20.

“Anything that is trading in the market under the name of DC/EP or DCEP is not the national digital currency, and any launch time suggested on the Internet is inaccurate,” the central bank stated on November 13 in the announcement.

The bank likewise cautioned potential investors of the rise of ponzi schemes and scams being offered in the name of the digital yuan.

“We did not authorize any platform to trade DCEP,” the bank stated. “Investors should be aware of companies that pose as the central bank to attract people to ‘trade’ the digital currency, which could be fraught with misleading information.”

The PBoC is running the creation of the stablecoin by means of its Digital Currency Research Institute, founded in 2014 under the management of the bank’s payments department.

Following a relatively discreet five-year creation period, the central bank started disclosing more insights regarding DCEP following Facebook’s uncovering of Libra in June.

Forbes detailed in August the national digital currency would be released on November 11, citing an anonymous authority from the Chinese government. In September, the central bank denied that date and stated there was no plan to release the stablecoin in the following 80 days, or before December 10.