Alibaba, Tencent and Union Pay, an association of Chinese banks, will start accepting the cryptocurrency issued by the central bank of China, Forbes reports.
According to Paul Schulte, who worked as global head of financial strategy for China Construction Bank, the Industrial and Commercial Bank of China, the Bank of China and the Agricultural Bank of China will also accept new cryptocurrency.
It is expected that the state-backed crypto will be officially launched on November 11th, China’s busiest shopping day.
Earlier iHodl reported that Deputy Chief in the Payment and Settlement Division of the People’s Bank of China (PBOC), Mu Changchun, said that after 5 years of development, the CBDC prototype is finally ready and the PBOC's Digital Money Research Group has already fully adopted the blockchain architecture for the currency.
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