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China’s central bank will issue a state-backed cryptocurrency to seven institutions, according to researcher Paul Schulte. He used to work for China Construction Bank, one of the likely recipients. So reports Forbes.
The Bank of China, Tencent and Alibaba are among the other institutions set to receive the cryptocurrency. The launch may happen by Singles Day on November 11, China’s busiest consumer day. The new Digital Currency/Electronic Payments system—DC/EP as it will be called—will be able to handle up to 300,000 transactions per second.