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

Rajan Dhall, MSTA FX Daily

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."

Author

Rajan Dhall, MSTA

FX Daily

Rajan Dhall is an experienced market analyst, who has been trading professionally since 2007 managing various funds producing exceptional returns.

Crypto Today: Bitcoin at $60,000, Ethereum at $1,500, and XRP at $1 face a make-or-break test

Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) are trading in the red on Friday after three consecutive days of losses, testing their respective make-or-break support levels.

Bitcoin Weekly Forecast: BTC hits 20-month low, will the pain continue?

Bitcoin recovers slightly, trading at $66,000 on Friday after reaching a new yearly low of $58,115 earlier this week, its lowest level since October 2024. Institutional selling intensified as spot ETFs recorded $1.35 billion in net outflows through Thursday.

XRP clings to $1 as long liquidations deepen bearish trend

Ripple trades near the key psychological support level of $1 at the time of writing on Friday after losing more than 8% so far this week. CoinGlass liquidation data shows that over 97% XRP long positions were wiped out over the past 24 hours.

Pi Network Price Forecast: Minor recovery amid market crash fuels short-term hope

Pi Network price records a mild 3% recovery at press time on Friday, shaping a rebound from a broken descending trendline. The declining trend in trading volume has stabilized around $10 million this week, supporting the possibility of an extended recovery as selling pressure wanes.

Bitcoin: BTC hits 20-month low, will the pain continue?

Bitcoin (BTC) recovers slightly, trading at $66,000 on Friday after reaching a new yearly low of $58,115 earlier this week, its lowest level since October 2024. Institutional selling intensified as spot Exchange Traded Funds (ETFs) recorded $1.35 billion in net outflows through Thursday.