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  • China accelerates the launch of its proprietary cryptocurrencies.
  • Initially,  institutions will get access to the coin at the initial state.

People’s Bank of China may launch its own cryptocurrency as early as November, according to sources cited by Forbes.  The rumors about the Chinese state cryptocurrency have been circulating for a while. However, according to the latest information, it may go live on November 11, on the Day of Singles, which us the biggest shopping event in the country.  

Allegedly, China has accelerated the development of the proprietary digital coin after the social media giant Facebook announced its plans to launch Libra project within a year.  

According to sources, eight companies will get access to the People’s Bank of China CBDC (central bank digital currency): Alibaba, Tencent, UnionPay and five banking organizations.

“The PBOC plans to distribute its cryptocurrency through at least seven institutions in the initial stage, including Chinese tech giants Alibaba and Tencent, China’s largest payments card issuer China UnionPay, and four Chinese state-owned banks,” the report says.

A successful launch may become a game-changer in the cryptocurrency industry and encourage other central banks to follow the lead of PBOC. Notably, China is known for one of the toughest approaches to the cryptocurrency industry. The country implemented a full ban on digital assets and ICOs.