The Central Bank of China is expected to issue its own national cryptocurrency no later than November 11, 2019. The new coin will be distributed by 7 companies and organizations, including Alibaba.
7 companies will spread crypto yuan among 1.3 billion Chinese
Independent researcher Paul Schulte told Forbes that The Central Bank of China will distribute its digital currency through 7 companies and organizations. Among them are Alibaba, Tencent, Union Pay, China Construction Bank, the Industrial and Commercial Bank of China, the Bank of China and the Agricultural Bank of China.
This information was confirmed by another source, participating in the development of cryptocurrency. He also said that the coin should appear before November 11, when the country will begin one of the most massive sales in honor of Bachelor’s Day.
According to him, companies will have to deliver the digital yuan to 1.3 billion Chinese and "foreigners who work with the fiat yuan."
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- Schulte claims that crypto yuan is built on a mixture of digital currency technologies and electronic payments. The Central Bank allegedly completed its development back in 2018.
- Crypto yuan will be able to process up to 300 000 transactions per second. For comparison, the bitcoin blockchainBlockchain
is a continuous and sequential block chain of information (digital linked list). When building a blockchain, copies of related blocks are simultaneously stored on multiple computers.Details is able to process only 7-10 transactions per second, and Libra – 1000
- Mu Changchun, deputy head of the Central Bank of China's Payments Department at a conference, argued that crypto yuan would also work on blockchain technology. In particular, we are talking about a private key system. But the authorities could not fully build crypto yuan on the blockchain, because the technology bandwidth is too low.
Editor: Yuliya Soroka