Leaked Image Shows Making Of Chinas State-Owned Bitcoin - ViralTab

Leaked Image Shows Making Of Chinas State-Owned Bitcoin

Story ByLee Bullen,Sub EditorJoseph Golder,AgencyAsia Wire Report

A leaked screenshot of China’s state cryptocurrency has surfaced on the internet offering an insight into the development of the country’s long-awaited digital Yuan.

The digital currency’s mobile app has reportedly been tested at China’s state-owned banks for several months although an official date of launch has not been revealed yet.

The leaked screenshot has fuelled speculation that the People’s Bank of China (PBOC) is edging closer to an official launch.

AsiaWire

According to local media, the image has been widely circulated on Chinese social networks and came from a text version of the mobile app being developed by the Agricultural Bank of China, one of China’s largest state-owned banks.

It was reportedly meant for a small group of internal users to test the digital currency.

However, the Digital Currency Research Institute, part of the PBOC department overseeing the project, has declined to comment on the leaked screenshot, according to reports.

It is believed the screenshot does not show the final version of the digital currency and China’s central bank and the Agricultural Bank of China have not released any information about the app.

Local media said the digital currency will be controlled by the PBOC instead of operating on a decentralised system such as cryptocurrencies like Bitcoin.

According to reports, China has already started clamping down on the trading of other digital currencies and banned banks from accepting cryptocurrencies as they are considered a risk to economic stability.

Last month, PBOC deputy governor Fan Yifei said that China would “push ahead [with its ] sovereign digital currency research and development”.

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