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Cryptocurrency News

Alibaba and Union pay ready for China’s stablecoin

According to Paul Schulte, a well-known researcher and the head of the financial strategy for the China Construction Bank until 2012, five major financial and commercial institutions in the country are already receiving instructions about the use of an expected stable coin to be released by the Central Bank of China soon.

Many officials sources in China has already set a date for the possible launch: November 11th. Known as Singles Day, this is one of the key dates in the Chinese shopping calendar and for sure, it will have an important role to play in the plans of the Chinese Central Bank.

The state-backed cryptocurrency will not only serve as a payment tool in China but also will be able to be used even in Europe and the United State.  Rumours say that bankers are already creating alliances with banks in the west to offer the coin as a payment channel.

Let’s not forget that Cryptonary also covered the announcement made by the PBOC official, Mu Changchun, in which he expressed that the institution’s virtual currency is “almost ready” for release. The two-tier system will be less complicated than expected, with both, the PBOC and commercial banks, able to issue the cryptocurrency.

Image c/o Variety

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