Crypto Markets Braced As China’s Long-Awaited Bitcoin Rival ‘Almost’ Here

Bitcoin’s release a little over ten yeas ago was a relatively small event that’s had huge ramifications, with some of the world’s biggest companies and countries getting into cryptocurrencies.

The bitcoin price has soared over the last decade, climbing to highs of almost $20,000 per bitcoin in late 2017 before falling back sharply—but not before its massive bull run had caught the attention of many banks, retailers and tech companies.

Now, a senior official at China’s central bank has said it’s “almost ready” to issue its own sovereign digital currency, potentially bringing the idea of bitcoin, crypto, and digital currencies to China’s billions of people.

The bank’s potential bitcoin rival is “close to being out,” Mu Changchun, deputy director of the People’s Bank of China (PBOC) payments department, said at an event held by China Finance 40 Forum over the weekend but stopped short of giving an exact launch date, it was first reported by Bloomberg, a financial newswire.

However, Mu Changchun also said China’s digital currency would not solely rely on blockchain technology, as bitcoin and other cryptocurrencies do, due to fears it wouldn’t be able to handle China’s vast transaction volumes…

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