Alibaba and Tencent among The First To Receive China’s Cryptocurrency, Sources Say

Alibaba, Tencent, China Construction Bank, Bank of China, Industrial Bank of China, Agricultural Bank of China, and Union Pay is amongst the first organizations to receive and interact with China’s cryptocurrency, according to an unconfirmed report by Forbes.

A separate source in the same report also corroborates that these 7 entities will be the first to interact with China’s cryptocurrency (or better known as central bank-backed digital currency by those in the space) and an additional unnamed 8th party will also be among the list soon. Upon the launch, these entities will be responsible for distributing cryptocurrency to China’s 1.3 billion citizens.

The source also indicates that the project will named DC/EP (Digital Currency/ Electronic Payments) which alludes to the earlier statement by Mu Chang Chun, Deputy Chief in the Payment and Settlement Division of People’s Bank of China (PBoC) who said that China’s cryptocurrency will not rely solely on the blockchain and will instead be a two-tiered system.

This news follows the earlier announcement by the PBoC who said that they are eyeing to release their cryptocurrency soon.