Alibaba and Tencent are among the first companies to receive China’s new cryptocurrency

With the announcement of Facebook’s Libra, China stepped up the creation of their own cryptocurrency. There are now a few companies who will be first in line to get the chance to use it.

All in all,  Alibaba and Tencent,  Union Pay and association of Chinese banks are the lucky recipients of the new cryptocurrency.

A separate source who is not named and was  involved in the development of the cryptocurrency, dubbed DC/EP (Digital Currency/Electronic Payments) has his say. The source  confirmed that the seven institutions would be receiving the new cryptocurrency  when it launches, adding that an eighth institution could also be among the first tier of recipients but the person  declined to provide the name of the additional company.

It has been said that 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 also indicate that China’s central bank “hopes the currency will eventually be made available to spenders in the United States.”