central-banks-of-china-launch-own-cryptocurrency

Central Banks Of China Will Soon Launch Their Own Cryptocurrency

  • China to get its own Cryptocurrency
  • November 11 will be the possible launch date
  • Top firms of China to receive cryptocurrency first

central-banks-of-china-launch-own-cryptocurrency

China to get its own Cryptocurrency

People’s Bank of China (PBOC), this central bank of china will very soon launch its own cryptocurrency. IT will be a new kind of cryptocurrency totally backed by the Chinese government.

China’s Cryptocurrency will very soon as of November 11, China’s busiest shopping day, known as Singles Day. According to the source of Forbes, who previously worked for the Chinese government, confirmed that the technology behind the cryptocurrency has been ready since last year.

Top firms of China to receive cryptocurrency first

Paul Schulte, who worked as global head of financial strategy for China Construction Bank until 2012, says the largest bank in the world, the Industrial and Commercial Bank of China, the second-largest bank in the world, his former employer, the Bank of China, the Agricultural Bank of China; two of China’s largest financial technology companies, Alibaba and Tencent; and Union Pay, an association of Chinese banks, will receive the cryptocurrency.

Another source of Forbes added that there could be one more name in the list of the first tier of companies who will receive the cryptocurrency. These first tier of recipient institutions will be responsible for dispersing the cryptocurrency to 1.3 billion Chinese citizens.

China also has the plans to make this cryptocurrency available to the spenders in the USA and other nations, with the relationships among the banks in the west.

Although the Peoples Bank of China has denied giving any confirmation, Mu Changchun, deputy director of the Paying Division of the People’s Bank of China (PBOC) and the new head of China’s cryptocurrency research lab has previously given the glimpse of them preparing to launch a cryptocurrency in a two-tier system.

“This dual delivery system is suitable for our national conditions,” said Mu. “It can not only use existing resources to mobilize the enthusiasm of commercial banks but also smoothly improve the acceptance of the digital currency.”

Leave a Reply

Your email address will not be published. Required fields are marked *