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Alibaba and Tencent all Set to Get First Chinese Government Cryptocurrency

Ever since cryptocurrencies first captured the global consciousness a few years ago, several institutions from around the world have expressed their willingness to issue crypto tokens of their own and the most recent one is the Chinese central bank.

A few weeks ago, it emerged that People’s Bank of China was all set to issue its own cryptocurrency and now it has emerged that the cryptocurrency is going to be disbursed to seven entities in the country. The update was revealed by the former global head of financial strategy at the China Construction Bank, Paul Schulte.

Important Development

According to Schulte, the cryptocurrency is going to be issued to the China Construction Bank, the Agricultural Bank of China, the China Construction Bank, and the Industrial and Commercial Bank of China. In addition to these four financial institutions, the tokens are also going to be issued to tech giants Alibaba (NYSE:BABA) and Tencent (OTCPK:TCTZF). It is important to note that Alibaba and Tencent are also the biggest Fintech companies in the country, which is why the issuance makes sense. Last but not least, Union Pay, which is a union of Chinese banks, will also be issued the new cryptocurrency by the People’s Bank of China.

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Other sources have confirmed that the technology that has been used to create the cryptocurrency named DP/EP has been ready for use since November last year. The cryptocurrency is being issued to these seven institutions so that the token can be issued easily and quickly to the hundreds of millions of people in China who might be interested in buying. It is believed that the Chinese central bank wants to eventually make it available globally and also in the United States.

However, the tensions with regards to the trade war between the two countries mean that it is unlikely to happen any time soon. It has not yet been revealed when the central bank is going to start issuing the token.

Featured image: DepositPhotos © gioiak2

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