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Seven Chinese companies will get access to the state cryptocurrency

Seven Chinese companies will get access to the state cryptocurrency

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

According to Paul Schulte, who previously worked at the Chinese construction Bank, access to the digital currency of the Central Bank of China will be granted to the country’s largest corporations: Alibaba, Tencent, UnionPay, Bank of China, Chinese construction Bank, Chinese agricultural Bank, as well as Industrial and commercial Bank of China.

It is reported that the cryptocurrency, which is still called DC/EP (Digital currency/Electronic payments), is ready and can be accessed as early as November 11. In addition to the named companies, there are eight other unknown organizations that can also join the testing.

Interestingly, the Central Bank of China’s cryptocurrency will be distributed not only among the country’s residents, but also in other Western countries, including the United States. However, at the initial stage, corporations will distribute the new currency to “1.3 billion Chinese and foreigners who work with the yuan.”

Schulte stressed that while the Libra project and the hypothetical global reserve cryptocurrency, which mark Carney spoke about, are at the development stage, the digital yuan is already ready to launch. Information that the Central Bank of China’s cryptocurrency is ready appeared in the middle of this month.