---
title: "Report: China’s Central Bank is Ready to Launch Cryptocurrency"
description: "China's central bank is set to launch a state-backed cryptocurrency and hand it out to several major institutions in the country, according to Forbes."
date: "2019-08-28"
modified: "2019-08-28"
authors:
  - name: "Victor Tangermann"
    job_title: "Senior Editor"
    link: "https://futurism.com/authors/victor"
url: "https://futurism.com/the-byte/chinese-central-bank-launch-cryptocurrency"
categories:
  - "Blockchain"
  - "Cryptocurrency"
  - "Future Society"
tags:
  - "china"
  - "cryptocurrency"
  - "digital currency"
  - "the digest"
---

# Report: China’s Central Bank is Ready to Launch Cryptocurrency

![China's central bank is set to launch a state-backed cryptocurrency and hand it out to several major institutions in the country, according to Forbes.](<https://futurism.com/wp-content/uploads/2019/08/chinese-central-bank-launch-cryptocurrency.jpg>)
*\<em\>Image: Victor Tangermann\</em\>*

## Digital Renminbi

China's central bank is set to launch a state-backed cryptocurrency and hand it out to several major institutions in the country, [according to *Forbes*](<https://www.forbes.com/sites/michaeldelcastillo/2019/08/27/alibaba-tencent-five-others-to-recieve-first-chinese-government-cryptocurrency/#16dc812d1a51>).

The plan is for those institutions — the Commercial Bank of China and tech juggernauts Alibaba and Tencent among them — to help distribute the cryptocurrency into the country's economy.

The news comes after China has been actively cracking down on cryptocurrencies in the country for a number of years and has [banned initial coin offerings](<https://futurism.com/initial-coin-offerings-are-now-illegal-in-china>) as well as [crypto mining](<https://futurism.com/the-byte/chinese-authorities-ban-crypto-mining>).

According to *Forbes*' sources, the plan is to launch the digital currency as soon as Singles Day on November 11, China's busiest shopping day.

China's central bank is hoping to eventually spread the currency to the West through participating banks — but it's unclear if and when that will occur.

## A Rough Start

The project bears conceptual similarities to Facebook's Libra, which is partnering with companies including Uber, Spotify, PayPal, Visa, and Mastercard to promote the project.

But since it [launched in June](<https://futurism.com/facebook-libra-cryptocurrency>), the social network's attempt at pushing its own global currency has been met with [plenty](<https://futurism.com/the-byte/facebook-libra-scams>) of [criticism](<https://futurism.com/the-byte/senator-facebook-crypto>), with some backers considering backing out altogether, [according to *CoinDesk*](<https://www.coindesk.com/tensions-rising-at-facebook-libra-as-backers-consider-quitting-report>).

And China's cryptocurrency is much further along and nearly ready to launch, *Forbes* reports.

**READ MORE:** [Alibaba, Tencent, Five Others To Receive First Chinese Government Cryptocurrency](<https://www.forbes.com/sites/michaeldelcastillo/2019/08/27/alibaba-tencent-five-others-to-recieve-first-chinese-government-cryptocurrency/#16dc812d1a51>) \[*Forbes*\]

**More on crypto:** *[Venezuela Is Seriously Pushing Its State-Run Cryptocurrency](<https://futurism.com/the-byte/venezuela-state-cryptocurrency>)*

## Author
I've been at Futurism since 2017, where my role has evolved to encompass design, writing, and increasingly editing. I've always been fascinated by space exploration and advanced transportation, which I've leaned into by interviewing luminaries in those fields while closely following the dimensions of policy and regulation that allow next-generation projects to succeed -- or, sometimes, to fail. I'm also keenly interested in the effects of generative AI on society, policies, and democratic institutions, as well as clean energy, physics and biology, and the vagaries of tech leadership. My work for Futurism has been cited by publications including Ars Technica, Gizmodo, PC Magazine, Jalopnik, Fox News, and the New York Post. I spent my childhood living in locations including Manila, the Philippines, and Geneva, Switzerland, attended McGill University, and now live in Toronto, Canada. Before Futurism I worked at AskMen and a small photography studio. In my free time, I'm an avid gardener, foodie, and craft beer lover, as well as a maker of artisanal hot pepper sauces. I have a magnificent dog named Freida.

### Author social links  
[Bluesky](<https://bsky.app/profile/vtanger.bsky.social>)