Alibaba to Accept Chinese Government Issued Digital Coins

Recently, an association of Chinese banks announced they would start accepting digital coins issued by the central bank of China. The banks include Alibaba, Tencent, and Union Pay.

The Industrial and Commercial Bank of China, the Bank of China, and the Agricultural Bank of China will also adopt the new cryptocurrency. This information was, according to Paul Schulte.

Paul Schulte is familiar with the data because he worked as global head of financial strategy for China Construction Bank.

On November 11th, the launching of the state-backed crypto will be as expected. The said the date will be one of China’s busiest shopping day.

Earlier in a news report, Mu Changchun indicated that after five years of development, the CBDC prototype is finally ready. Mu Changchun is the Deputy Chief in the Payment ad Settlement Division of the People’s Bank of China (PBOC).

Moreover, the PBOC’s Digital Money Research Group has by now entirely accepted the blockchain architecture for the currency.

Seven Institutions to Receive the Crypto

Meanwhile, news reports are broadcasting that seven foundations will be among the first to receive and cooperate with it.

It was after China’s central bank announced it is getting ready to launch its cryptocurrency.

The initial batch of receivers are Alibaba, Tencent, and Union Pay. These banks are all an ally of Chinese banks.

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In addition, the two of the world’s largest banks – Industrial and Commercial Bank of China and Bank of China, will also accept the state-issued cryptocurrency.

News report sources indicated that the institutions would be accountable for “dispersing the cryptocurrency to 1.3 billion Chinese citizens and others doing business in the renminbi.”

The sources also added that China’s central bank “hopes the currency will eventually be made available to spenders in the United States.”

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Apart from China, the central banks of other several countries are also looking into digital coins.