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Alibaba, a Chinese giant and operator of the main e-commerce platform in the country, which includes one of the most known online stores - AliExprees, it will probably be one of the few institutions to which the new Chinese will be made available cryptocurrency.

China launches its own digital money

According to media reports, China Construction Bank, or People's Bank of China (PBoC), intends to launch a state in the near future cryptocurrency based on native currency.

It is referred to as Digital Currency or Electronic Payments, although the official name is not yet known.

The holding will operate as planned Alibaba and several other institutions: Tencent, The Industrial and Commercial Bank of China, The Bank of China, the Bank of China, The Agricultural Bank of China and Union Pay.

It is not excluded that the cryptocurrency will be made available to other market entities. For now, China has not yet officially confirmed these reports, although on the other hand they have not denied them either.

It is also not excluded that the Chinese bank intends to make its digital money available to investors around the world by cooperating with local banking institutions.

Singles Day is the inauguration of Chinese cryptocurrency?

It is believed that the Chinese cryptocurrency will be launched in the area Singles Daythat falls on 11 November.

It is the largest in the world online shopping holidaywhich is especially important for China.

The purchasing platform is undergoing a significant siege AliExpressowned by Alibaba.

On this day, there are only valid 24 hours promotional offers that attract a huge number of users.

Digital Currency / Electronic Payments it will be able to handle even 300 000 transactions per second, while the record during Singles Day in 2018 year was 92 771 transactions per second.

Also check: The Calibra application opens the cryptocurrency market to Facebook users

China is silent

Although on a new topic cryptocurrencies PBoC there are more and more media reports and conjectures, the Chinese side is mysteriously silent.

Hence, no reliable information about the new Asian digital money can be given yet. However, it can be assumed that as Central Bank cryptocurrencywill be based on digital tokens, and will be available to all entities.

Unlike decentralized models, however, it will not provide a high level anonymity.

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