Inaccurate Speculation' or Is China’s Central Bank Ready to Launch Crypto in Just Over 2 Months?

  • “Totally baseless guesses” or DC/EP to be launched on November 11 to seven institutions

China’s central bank backed digital currency DC/EP (Digital Currency/Electronic Payments) will be issued to seven institutions, reported Fobes citing Paul Schulte, an independent researcher and former employee of one of these institutions.

The state-backed cryptocurrency, it says will be issued to the Industrial and Commercial Bank of China, the Bank of China, the Agricultural Bank of China, Alibaba, Tencent and Union Pay.

Another source, who is involved in the development of the cryptocurrency, apparently confirmed this adding an eighth institution might be among these institutions.

It has been further stated that this government-backed digital currency could launch as soon as November 11, the Singles day.

The recipient institutions will be then responsible to disperse the digital currency to 1.3 billion population of China and others doing business in nationa’s fiat currency, the renminbi.

The central bank also hopes the cryptocurrency will eventually be made available to the spenders in the US and elsewhere. However, it’s still to be known if after 5 year of research the People's Bank of China (PBoC) will finally launch DC/EP in just over two months.

News publication Sina Economics and Finance wrote:

“people close to the central bank said in an exclusive response to Sina Finance and Economics that the central bank's digital currency landed within 80 days at the earliest and was issued by seven major institutions, including Alibaba and Tencent, as inaccurate speculation.”

Get Free Email Updates!

*Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

I will never give away, trade or sell your email address. You can unsubscribe at any time.

AnTy
AnTy
AnTy has been involved in the crypto space full-time for over two years now. Before her blockchain beginnings, she worked with the NGO, Doctor Without Borders as a fundraiser and since then exploring, reading, and creating for different industry segments.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

LEAVE A REPLY

Please enter your comment!
Please enter your name here

3,511FansLike
2,795FollowersFollow
4,273FollowersFollow

Live Bitcoin Price & Latest BTC Charts

Today's Latest Crypto News

BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.

Start Using Crypto Today