Yesterday, a report claimed that the People’s Bank of China (PBOC) will release the nation’s Central Bank Digital Currency (CBDC) to seven institutions, possibly as soon as November. In comments to Forbes Paul Schulte, the former global lead for financial strategy at China Construction Bank, claimed the firms are his previous employer, the Bank of China, the Agricultural Bank of China, the Industrial and Commercial Bank of China, Alibaba, Tencent, and UnionPay.
A second anonymous source, a previous employee of the Chinese government, confirmed those institutions will receive the CBDC. They hinted at one further recipient but did not share its name. This source also suggested that the currency could launch on November 11, Singles Day – an important date for China as the busiest shopping day of the year.
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