Alibaba and Tencent are Expected to Distribute Digital Currency

China’s information technology companies Alibaba and Tencent are expected to distribute digital currency (CBDC) issued by the Chinese government.

The People’s Bank of China will issue CBDC to seven institutions and businesses in the coming months, according to Forbes, a US economic journal.

Forbes has even released a specific reporter. Paul Schult, who was head of global financial strategy at China Construction Bank.

According to Paul Schultt, there are seven banks that will distribute CBDC, including four banks including the Bank of China, the China Construction Bank, the China Agricultural Bank, and the China Commercial Bank. UnionPay is a Chinese credit card company jointly invested by 88 banks in China.

Forbes also mentioned the date when CBDC will be available. It is the Gwanggun Festival on November 11, the biggest shopping day in China. Photogun is referred to as Chinese Black Friday.

An official from the Chinese side said, “CBDC’s underlying technology has been ready since last year.”

Seven institutions and companies, including Alibaba, will be in charge of distributing CBDC to the Chinese people.

A Chinese official said, “We want the CBDC to be used in the United States through the friendly relationship established by the People’s Bank with Western banks,” he said. “This is just a plan and it will not be used right now.” .

Earlier, on November 11 (local time), cryptocurrency media cointelegraph reported that the People’s Bank of China plans to introduce and operate CBDC in two stages.

Vice president of paying company, Changchun People’s Bank, attended the financial forum held in Heilongjiang, China on September 9, saying, “We will issue CBDC, supply it to commercial banks, and provide them to the private sector.” It is geared towards a mixed economy with a large land and population. ”

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China's information technology companies Alibaba and Tencent are expected to distribute digital currency (CBDC) issued by the Chinese government.

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