China Plans to issue its cryptocurrency as early as November 11, which is the country's busiest shopping day for online sales.

The People's Bank of China(PBOC) has been exploring the possibility of launching its digital currency since 2014. They have been trying to cut the costs of circulating traditional paper money and boost policymaker's control of the money supply.

China seems to have accelerated the push to the digital money after US social media giant Facebook announced plans in June to launch digital coin Libra within a year. This move has shocked global policymakers and raised regulatory concerns.

According to PBOC, they are planning to distribute their cryptocurrency through at least seven institutions in the initial stage, including Chinese tech giants Alibaba and Tencent. China's largest payment card issuer is China UnionPay and four Chinese state-owned banks.

More information and broadcasting related news
can be checked through the official SNS channel.