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Forbes: Chinese CBDC May Launch in November

Abstract : A source quoted by Forbes said that China’s central bank will launch a state-backed cryptocurrency and issue it to seven institutions in the coming months.

ChainDD
ChainDD

Aug 28

A source quoted by Forbes said that China’s central bank will launch a state-backed cryptocurrency and issue it to seven institutions in the coming months. Paul Schulte, who worked as global head of financial strategy for China Construction Bank, says the largest bank in the world, the Industrial and Commercial Bank of China, the second-largest bank in the world, 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.

A separate source, who previously worked for the Chinese government, confirmed that the technology behind the cryptocurrency has been ready since last year and that the cryptocurrency could launch as soon as November 11, China’s busiest shopping day, known as Singles Day.

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