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People’s Bank of China selects organizations to distribute its own digital currency

The People’s Bank of China, which is preparing to issue its own digital currency, can grant a unique right to use it to seven organizations. This is reported by Forbes with reference to the former head of finance strategy of China Construction Bank Paul Schulte.

According to Schulte, in addition to its financial institution, the list will allegedly include Industrial and Commercial Bank of China, Bank of China, Agricultural Bank of China, two of China’s largest financial and technology companies Alibaba and Tencent, as well as the Chinese association Union Pay.

It is noteworthy that a separate source associated with the development of the Chinese digital currency confirmed this information, adding that the list could be expanded to eight more organizations. However, he did not disclose details.

The above-mentioned organizations are expected to be responsible for the distribution of digital currency to China’s 1.3 billion people and other yuan-based entities.

Information about the creation of a network of trusted organizations is consistent with an earlier description of Changchun’s two-tier operating structure.

At the same time, Tencent denied its participation in this project. A tweet with the appropriate release was posted by Primitive Foundation partner Davi Wang.

“Both sources are unreliable and their guesses are completely unfounded,” Tencent said.

There have been no official comments on this situation from the People’s Bank of China.

Recall, the launch of the state digital currency of China is planned no later than November 11. It is claimed that it will allow 300,000 transactions per second, which will be facilitated by the abandonment of the pure architecture of the public blockchain.

According to experts, China’s national digital currency may replace circulation banknotes and coins in the future.

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