Source: China's central bank digital currency may be launched in November, will be first issued to Alibaba, Tencent and China's major banks

According to Forbes, people familiar with the matter said that the Chinese central bank will launch a state-backed cryptocurrency in the coming months and will issue it to seven institutions. Paul Schulte, former head of global financial strategy at China Construction Bank, said that Industrial and Commercial Bank of China, China Construction Bank, Bank of China, Agricultural Bank of China, two financial technology companies (Alibaba and Tencent) and UnionPay (Union Pay) will get the first Digital currency. In addition, an independent source involved in the development of digital currency, called DC/EP (Digital Currency/Electronic Payments), confirmed that seven institutions will receive new assets. Sources who have previously worked for the Chinese government have confirmed that the technology behind the digital currency has been ready since last year, and the digital currency may be launched on November 11.