Claim: The first companies to distribute China’s crypto money has been announced! China’s first cryptocurrency will be the first institution to distribute.
According to a recent claim, the cryptocurrency supported by the Central Bank of China will be given to the online retail giant Alibaba, internet giant Tencent, five banking institutions and one unknown institution.
According to a report published by Forbes on August 27, Paul Schulte, who previously worked as President of the Chinese Construction Bank and a source who worked on China’s crypto-money project, but did not want to give his name, said that the first institutions to distribute China’s crypto money have already been announced. In addition to giants such as Alibaba and Tencent, the first institutions to use the crypto money are China Construction Bank, China Industrial and Trade Ban, Bank of China, China Agricultural Bank and China Banking Union Union Pay.
China’s Crypto Coin to be Distributed to the US
The anonymous source confirmed firsthand that these seven institutions were the first to use China’s central bank-backed cryptocurrency. In addition to these seven sources, it is stated that an unnamed institution will be among the first to use the crypto money. The source also states that the technology is ready, but the cryptocurrency can be released in November.
It is known that the seven institutions will be responsible for distributing the produced new cryptocurrency to Chinese citizens and providing a gradual transition to the cryptocurrency instead of Yuan. The sources also support the spread of the new crypto money not only to Chinese citizens but also to the United States.
Before that, China had signaled that its crypto currency could be released earlier than the Libra.