Alibaba and Tencent all Set to Get First Chinese Government Cryptocurrency

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Following this news, neither People's Bank of China nor any of the seven institutions have responded to requests of denial or confirmation.

The first layer is created to allow the central bank to issue and redeem the currency only via commercial banks.

Details: Four of China's largest banks, including the China Construction Bank, the Industrial and Commercial Bank of China, the Bank of China, the Agricultural Bank of China, as well as financial services company Union Pay, and financial technology companies Alibaba and Tencent, will be the first to receive the digital currency, according to Schulte.

Another source, which is related to the developmental work of the crypto, revealed that there is a possibility of adding an eighth institution which can be among the first tier of recipients.

According to sources, the technological framework was ready as early as a year ago.

The news comes after China has been actively cracking down on domestic and global trading of cryptocurrencies by its citizens. "China is barreling forward on reforms and rolling out the cryptocurrency", said Schulte. Tencent News later said the Forbes' report was speculatively citing a source close to the central bank.

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These seven institutions will purportedly be responsible for dispersing the DC/EP tokens to China's citizens and others participating in business with the renminbi - China's official fiat money - per the unnamed source.

Further, according to the source who has been involved in the development of the currency, it could be issued as soon as November 11.

But, according to the Binance spokesperson, the People's Bank started to investigate issuing a crypto as early as 2014 and the project was given the formal stamp of approval only last month.

The distribution method for the new digital currency resembles the approach taken by Facebook for its Libra cryptocurrency. "This dual delivery system is suitable for our national conditions", said Mu. The two-layer network setup is also speculated to achieve transaction performance of "at least 300,000 transactions per second". She now writes about blockchain, cryptocurrencies and business news.

"Considering the large move in the currency market of late, we note an increased reliance on the counter-cyclical factor in the daily fixing mechanism", she said, expecting that the authorities will not tolerate a "free fall" in the yuan even as it guides the fixing lower.

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