Altcoin News: Seven Chinese Institutions Will Gain Access to State Cryptocurrency

August 28, 2019, by Marko Vidrih on ALTCOIN MAGAZINE

The Central Bank of China is preparing to launch its own cryptocurrency and at the initial stage, only seven institutions will have access to it for testing and implementation.

According to Paul Schulte, who previously worked in the China Construction Bank, the country’s largest corporations will have access to the cryptocurrency of the Central Bank of China: Alibaba, Tencent, UnionPay, Bank of China, China Construction Bank, China Agricultural Bank, as well as Industrial and Commercial Bank Of China, Forbes write.

It is reported that the cryptocurrency, which is still called DC / EP (Digital Currency / Electronic Payments), is ready and access to it can be provided already on November 11. In addition to these institutions, there are eight more unknown organizations that can also join the testing.

It is interesting that the cryptocurrency of the Central Bank of China will be distributed not only among the inhabitants of the country but also in other Western countries, including the United States. True, at the initial stage, corporations will distribute the new currency among the “1.3 billion Chinese and foreigners who work with the yuan.”

Schulte emphasized that while the Libra project and the hypothetical world reserve cryptocurrency that Mark Carney spoke about are at the development stage, the digital yuan is already ready for launch. Information that the cryptocurrency of the Central Bank of China is ready, appeared in the middle of this month.

Author: Marko Vidrih