While there is a debate around the world about security and traditional currency with virtual currency, there is news that China may launch its cryptocurrency by the end of this year. It is being said that China’s cryptocurrency will compete with the world’s largest social media company Facebook’s cryptocurrency libra.
According to a report by Business magazine Forbes, People’s Bank of China (PBOC) is working fast on this digital currency. The report claims that China’s virtual currency should be presented before Facebook’s libra. It is also being said that its trial has also started in China. However, the name has not been revealed yet.
According to Forbes, initially, four major state-run banks in China will be allowed to use this cryptocurrency first. At the same time, it is also being said that in future Alibaba, Tencent (PUBG company), Union-Pay and an unknown company will also be included. It is being told that China has been working on cryptocurrency since 2014.