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

As China's central bank gets ready to launch its own cryptocurrency, Forbes is reporting that seven institutions will be among the first to receive and interact with it. Included in the initial batch of recipients are Alibaba, Tencent, and Union Pay, an association of Chinese banks. Additionally, the Industrial and Commercial Bank of China and 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 "dispersing the cryptocurrency to 1.3 billion Chinese citizens and others doing business in the renminbi." Furthermore, Forbes' sources indicate that China's central bank "hopes the currency will eventually be made available to spenders in the United States."

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

Update: Per an article from Tencent's news arm, the time and scope of the institutions included in the launch is inaccurate, citing a source close to the PBoC.