- Briefing Your roundup of Asian tech and startup news that matter
Aya Lin · · 1 min readIn brief: Alibaba, Tencent among first to receive China’s cryptocurrency, source says
- The People’s Bank of China is set to launch a state-backed cryptocurrency in the coming months and will issue it to seven institutions, including Chinese internet titans Alibaba and Tencent, Forbes reported, citing a former employee of one of the institutions who is now an independent researcher.
- A separate source confirmed that seven entities would be receiving the new cryptocurrency, named Digital Currency/Electronic Payments (DC/EP), adding that an eighth institution could be among the first batch of recipients.
- The cryptocurrency could launch as soon as November 11, which is the date of China’s Singles Day shopping festival, the source said.
Editing by Charmaine de Lazo
(And yes, we’re serious about ethics and transparency. More information here.)
Stay updated on the go with our mobile app.
Get latest insights with smoother, more personalized experience through TIA mobile app.
