Alibaba, Tencent, five others to receive first Chinese government cryptocurrency

China's central bank will launch its state-backed digital currency within the coming months according to independent researcher Paul Schulte. Schulte, who previously worked at China Construction Bank, has reported that the Industrial and Commercial Bank of China, Bank of China, the Agricultural Bank of China, Alibaba, Tencent, Union Pay, and an association of Chinese banks will be the first to receive the token. Another source confirmed to Forbes that these institutions will indeed be receiving the new DC/EP (Digital Currency/Electronic Payments) token as early as November 11.

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