A viral claim circulating on social media platforms, including X and Telegram, suggests that China is preparing to launch a “Chinese Bitcoin” that would be ten times cheaper and faster than Bitcoin. This assertion has sparked both excitement and confusion among cryptocurrency enthusiasts, particularly as China continues its work on digital currency initiatives. However, a recent fact-check by Coinpedia reveals that this claim lacks credible support.
Origins of the Claim
The assertion originated from Chinese crypto influencer Wei Zhao, who announced on social media that a new “Chinese Bitcoin” would soon be unveiled. Despite the buzz generated by this statement, no official announcement has been made by the People’s Bank of China or any state-backed blockchain initiatives. This lack of validation raises questions about the authenticity of Zhao’s claims.
China’s Stance on Cryptocurrencies
To date, the Chinese government has maintained a strict ban on cryptocurrencies, declaring all crypto transactions illegal. This includes a prohibition on trading, mining, and exchange activities. Contrary to promoting alternatives to Bitcoin, China has prioritized the expansion of its state-controlled digital currency, the digital yuan (e-CNY).
The digital yuan is classified as a central bank digital currency (CBDC), distinctly different from decentralized cryptocurrencies like Bitcoin. The Chinese authorities favor a centralized token, which allows them to maintain control and oversight, making it unlikely for them to consider a decentralized alternative that would be unregulated.
Coinpedia’s findings highlight the absence of any official endorsement for a “Chinese Bitcoin.” The evidence suggests that the claim is primarily fueled by social media speculation and the influence of individuals rather than established government policy.
Key Findings from Coinpedia’s Research
Coinpedia’s investigation provided clear insights into the claim regarding a Chinese Bitcoin. Here are the main points:
– **No Official Announcement**: There has been no confirmation from any official Chinese body regarding the launch of a decentralized cryptocurrency.
– **Existing Cryptocurrency Regulations**: China continues to enforce a ban on Bitcoin and other private cryptocurrencies, emphasizing its position against decentralized digital assets.
– **Focus on the Digital Yuan**: China is actively developing the digital yuan, a centralized digital currency that operates under the direct supervision of the People’s Bank of China.
Coinpedia summarized these findings in a table that contrasts the claims with the factual situation:
Claim Made by Theory: Is China launching a Chinese Bitcoin?
Counter-Evidence from Coinpedia: No official announcement from a government body exists.
Claim About Digital Assets: Does China support any digital assets?
Counter-Evidence: Yes, but only the digital yuan, which is not a competitor to Bitcoin.
Claim on Decentralized Crypto Support: Is China supporting decentralized cryptocurrency?
Counter-Evidence: No, as China has banned Bitcoin.
In conclusion, Coinpedia’s research indicates that the claim of a “Chinese Bitcoin” that is ten times cheaper and faster than Bitcoin is unfounded. Without formal confirmation from Chinese authorities, the assertion remains misleading. As the cryptocurrency landscape continues to evolve, it is crucial for investors and enthusiasts to critically evaluate the sources of such claims.
