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

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.

The clarity from Tencent News on the Forbes report on PBOC’s release

TLDR, “两个不靠谱，纯属瞎猜” 😂

“Both (sources in the report) are not reliable, totally baseless guesses” pic.twitter.com/mVYCeLJSCZ

— Dovey 以德服人 Wan 🗝 🦖 (@DoveyWan) August 28, 2019

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.”