Alibaba and Tencent among the first to receive China's cryptocurrency – Report

As China's central gets ready to launch its own cryptocurrency, Forbes reports that seven institutions will be among the first to receive and interact with it. Included in the first recipient are Alibaba, Tencent and Union Pay, an association of Chinese banks. In addition, the Industrial and Commercial Bank of China and the Bank of China, two of the world's largest banks, will also receive the state-issued cryptocurrency.

According to Forbes sources, the institutions will be responsible for "spreading cryptocurrency to 1.3 billion Chinese citizens and others doing business in the yuan." Furthermore, Forbes sources indicate that China's central bank "hopes the currency will eventually be made available to consumers in the United States. "

The Block previously reported that China's central bank was ready to launch its cryptocurrency after five years of research.