While the central bank is downplaying that suggestion, its former governor Zhou Xiaochuan said in July that one option would be to enable “commercial entities” to issue the digital coin, as Hong Kong allows with its dollar. He also said that the announcement of the Facebook-led Libra crypto project meant the government should “make good preparations and make the Chinese yuan a stronger currency” through the digital currency.
China’s central bank has denied recent reports that it will launch its national digital currency in November.
News sources including Forbes made the suggestion in late August, however the People’s Bank of China (PBoC) said on Saturday that the November date was “inaccurate speculation,” as were details of institutions said to be participating in the digital currency project Chinese daily Global Times reports, citing an official statement.
The news reports had also suggested that major banks ICBC, the Bank of China and the Agricultural Bank of China, as well as Alibaba, Tencent and UnionPay, would act as outlets for the digital yuan.
Global Times said in its report that the PBoC said it will release a progress statement in time, asking the public to rely on official statements for information.
The institution further drew a line between its planned digital currency and cryptocurrencies like bitcoin, calling its technology a centralized “legal digital currency” to be financially backed by the government.
The digital currency is not planned to replace the yuan, and would be used in the retail sector and for payments like cash, the PBoC added.
PayPal’s Axing of PornHub Model Payments May Boost Verge Crypto
Top adult entertainment site Pornhub has revealed that PayPal has abruptly cut its payments service to the large numbers of live performers using its platform.
In a blog post Thursday, PornHub wrote:
“We are all devastated by PayPal’s decision to stop payouts to over a hundred thousand performers who rely on them for their livelihoods.”
The company called on those models with PayPal options selected in their accounts to use one of its other provided methods of paying out. These include direct deposits, checks and the verge cryptocurrency.
Pornhub announced it would accept verge payments in April of last year, saying it offered users privacy and convenience. The site also said it would accept tron and zcash last June, although these options don’t seem to have been passed on as payout options to performers.
With PayPal now withdrawn, it may be that Pornhub performers will increasingly turn to the cryptocurrency option, especially as bank accounts may be frozen if banks get a hint that porn is related to the payments.
At press time, the price of verge (XVG) had risen 2 percent on the day to $0.003860, according to CoinMarketCap.
However, that possibility maybe be somewhat dampened by a lack of knowledge of how to use cryptocurrencies and convert them to more widely usable fiat currencies.
In Pornhub’s Twitter announcement of the PayPal block, performer Shyla Jennings reflected that hurdle with the tweet:
“Crypto, personal portal… LOL. I don’t understand what that even is. I’m cool with just direct deposit into my bank account.”
The thread is further littered with crypto community members calling for Pornhub to widen its payment options to other coins such as bitcoin, litecoin and others.
Dedicated adult industry crypto project SpankChain also made a twin promotion/PayPal criticism with the tweet: “Clearly somebody deserves to be Spanked.”