Nine entities set to receive Chinese Central Bank cryptocurrency

According to a Forbes report, nine disclosed entities are set to receive massive amounts of the Chinese Central Bank’s cryptocurrency in order to somehow combat the future launch of Libra.

There are 7 commercial banks in the list alongside two large Chinese tech companies, Tencent and Alibaba. The report also notes that there’s a 10th entity that will be receiving the coins, but their identity will not be disclosed quite yet.

The cryptocurrency will be launching on November 11th, 2019 and will cover most of the Chinese digital space. The only issue that a local crypto enthusiast may have is that the coin will most likely be heavily centralized. Considering that it’s the Central bank that’s doing the emission that’s already an obvious case for most. These Chinese entities will be tasked to distribute these coins among the 1.3 billion citizens that China houses, alongside some offshore emissions to US-based companies through partnerships.

The Chinese cryptocurrency was always designed to be a direct answer to Facebook’s Libra, but at this point, it’s a private company owned token against a government-owned token, which creates an unfair playing field in the eyes of multiple crypto enthusiasts.

Image courtesy of WFBB