China’s central bank will launch a state-backed cryptocurrency and issue it to seven institutions in the coming months, according to Paul Schulte, former global head of financial strategy for China Construction Bank, said Forbes.
The Bank of China, the Agricultural Bank of China, Alibaba, Tencent and Union Pay will receive the cryptocurrency, said Schulte. An employee involved with the development of the cryptocurrency, dubbed the DC/EP (Digital Currency/Electronic Payments), confirmed that two other institutions would be receiving the new asset when it launches, adding that an eighth institution could also be among the first tier of recipients.
The technology behind the cryptocurrency has been ready since last year and that the cryptocurrency could launch as soon as November 11, China’s busiest shopping day, known as Singles Day, reported Forbes.
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