Central Bank Of China Is Ready To Launch Cryptocurrency With The Help Of Few Institutions!

According to Forbes, China’s central bank is ready to launch a state-backed cryptocurrency and hand it out to several major institutions in the country.

Some of the Institutions are Commercial Bank of China, Alibaba and Tencent to help distribute the cryptocurrency into the country’s economy.

According to Forbes‘ sources, the plan is to launch the digital currency as soon as Singles Day on November 11, China’s busiest shopping day.

China’s central bank is hoping to eventually spread the currency to the West through participating banks — but it’s unclear if and when that will occur.