Alibaba and Tencent among the first to receive China’s cryptocurrency – Report

As China's central bank gets ready to launch its own cryptocurrency, Forbes is reporting (detailed article under that link as well), that seven institutions will be among the first to receive and interact with it. Included in the initial batch of recipients are

• Alibaba,

• Tencent,

• Union Pay, an association of Chinese banks.

Additionally, the Industrial and Commercial Bank of China and Bank of China, two of the world's largest banks, will also receive the state-issued cryptocurrency.

According to Forbes' sources, the institutions will be responsible for

"dispersing the cryptocurrency to 1.3 billion Chinese citizens and others doing business in the renminbi."

Furthermore, Forbes' sources indicate that China's central bank

"hopes the currency will eventually be made available to spenders in the United States."

Watch the video below - How blockchain went from Bitcoin to Big Business.