Claims are circulating on social media platforms such as X and Telegram that China is planning to launch a “China Bitcoin” that is 10 times cheaper and 10 times faster than Bitcoin.
This claim has caused excitement and confusion, especially as China continues to work on its digital currency project.
Therefore, Coinpedia decided to fact-check whether this claim is true or just a rumor.
Who made this claim?
This claim was made by Chinese crypto whale Wei Zhao, who said that China is launching a “Chinese Bitcoin” that is 10 times cheaper and 10 times faster than Bitcoin. Although these claims do not cite official statements from the Chinese government,
But are all these claims true? Let’s break it down.
Coinpedia’s key findings: What’s actually true?
No official announcement from Chinese authorities
There has been no official announcement from the People’s Bank of China or state-backed blockchain projects about the launch of a “Chinese version of Bitcoin.”
This claim seems to come only from social media rumors and influencers, not from official announcements or policies.
China bans Bitcoin and private cryptocurrencies
Until now, China has maintained a strict ban on virtual currencies. The government has already declared all cryptocurrency transactions illegal and banned trading, mining, and exchange activities.
Instead of promoting Bitcoin alternatives, China has focused on expanding its state-controlled digital yuan system.
China is developing a digital currency, but it’s not Bitcoin
China has already developed its own state-backed digital currency, called the digital yuan (e-CNY), which is issued directly by the People’s Bank of China. It is a central bank digital currency (CBDC) and not a decentralized cryptocurrency like Bitcoin.
The Chinese government believes in concentrated tokens. Therefore, we never issue tokens that we cannot track and maintain control over.