Fact Check: Is China Launching a “Chinese Bitcoin” 10X Cheaper and Faster Than BTC?

A viral claim is circulating on social media platforms like X and Telegram claiming that China is planning to launch a “Chinese Bitcoin” that is 10X cheaper and 10X faster than Bitcoin.

The claim has created excitement and confusion, especially as China continues to work on digital currency projects.

Therefore, Coinpedia decided to fact-check whether this claim is real or just another rumor.

Who Made This Claim?

The claim was made by Chinese crypto whale Wei Zhao, who said that China is launching a “Chinese Bitcoin” that is 10X cheaper and 10X faster than Bitcoin. Although these claims do not cite any official Chinese government announcement,

But is all this claim true? Let’s break it down.

Coinpedia’s Key Findings: What’s Actually True?

No Official Announcement from the Chinese Authority

There is no official announcement from the People’s Bank of China or state-backed blockchain projects about launching a “Chinese Bitcoin.”

The claim appears to come only from social media rumors and influencers, not from any official announcement or policy.

China Has Banned Bitcoin and Private Cryptocurrencies

Until now, China has maintained a strict ban on cryptocurrencies. The government already declared all crypto transactions illegal and banned trading, mining, and exchange activity.

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), issued directly by the People’s Bank of China. This is a central bank digital currency (CBDC), not a decentralized cryptocurrency like Bitcoin.

The Chinese government believes in a centralized powered token; therefore, they won’t be launching such a token that they cannot track and maintain control over.

Summary Table: Coinpedia’s Evidence Against the Theory

Conclusion