As reported by Forbes, the seven big institutions of China will receive the officially recognized cryptocurrency and then distribute to approximately 1.3 billion users of the country.
Seven Firms of China
According to Schulte, who had worked for China Construction Bank and was also part of a project by CBDC revealed that the seven giants firms that include Alibaba, Tencent, Union Pay, Bank of China, Commercial Bank, Industrial Bank of China are first runners to accept the state-issued digital currency.
The Forbes reported that it is planned by the central bank of the country to distribute the crypto among the 1.3 billion Chinese people and these first seven beneficiaries will be responsible for this allocation as stated by Forbes “the recipient institutions will then be responsible for dispersing the cryptocurrency to 1.3 billion Chinese citizens”
Competitor of Libra
China is working on its digital cryptocurrency from the past five years to mold its banking system to harmonize with the digital financial system. As Facebook is going to launch its digital assets named Libra, the central bank of China decided to launch its crypto before the issuing of Libra. Yang Dong, the director at Renmin University, said that Libra triggered the process of CBDC (central bank digital currency) issuing and its development is now faster than in the past.
Integrate with the Rest of the World
China is now recognized as the power economical state in the world; this due to its exponential trading markets that have deep roots all over the world. China is now looking forward to expanding its wings in the digital financial framework as this motive is clearly demonstrated by the new project of the Chinese central bank.
Charles Liu, the head of HAO International said in the context:
China’s strategic plan is to integrate more closely with the rest of the world. Cryptocurrency is just one of the means to have a more internationalized renminbi. It’s all strategic. It’s all long term.
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