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  • Cryptocurrency trading is blacklisted in China despite the open support for blockchain.
  • The soon to be launched central bank-backed digital asset is in the testing phase.

China’s Bitcoin and blockchain news have been headlining most of the cryptocurrency news in the past couple of weeks. However, the central bank says that it is yet to authorize any form of trading in digital currencies.

The government of China is grinding towards the launch of its own national digital currency. The launch date for the coin is, however, unknown. Besides, the People’s Bank of China says that the digital asset is still in the study phase.

The central bank also assured its citizens that no digital asset has been issued. Testing is undweway  for the digital asset that will enjoy the central bank’s backing. On Tuesday, PBOC assured the Chinese people that digital asset will not be used to pry into their privacy.