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China's Rumored "Bitcoin" Launch: Separating Fact from Fiction

A recent claim suggesting that China is preparing to launch a "Chinese Bitcoin" has taken social media by storm.

The assertion suggests the new currency would be ten times cheaper and faster than Bitcoin, sparking both excitement and skepticism among crypto enthusiasts.

However, a thorough investigation by Coinpedia reveals that there is currently no official announcement from the People's Bank of China or any state-backed sources regarding this initiative.

The rumors originated from Chinese crypto investor Wei Zhao but lack verification from any credible authority.

It's important to note that China has a longstanding prohibition on cryptocurrencies, having made all crypto transactions illegal as part of its regulatory stance.

Instead of exploring decentralized alternatives like Bitcoin, the Chinese government is concentrating its efforts on the digital yuan, a centralized digital currency.

This digital yuan is issued directly by the People’s Bank of China and serves as legal tender rather than a cryptocurrency designed for trading or speculation.

Coinpedia emphasizes that until there is an official statement from Chinese authorities, claims about a decentralized "Chinese Bitcoin" should be viewed with skepticism.

In conclusion, the assertion that China is launching a rival to Bitcoin is unfounded and misleading in light of the current regulatory environment.

Investors and enthusiasts should rely on credible sources before spreading or acting on such unverified claims.