Facebook’s fears that the bottlenecks tech firms in the free world face in developing cryptocurrencies risks opening the door for more closed societies to take the lead have been confirmed. According to Forbes, China has already developed a state-backed cryptocurrency known as DC/EP (DC- Digital Currency, EP – Electronic Payments) that could be unveiled in November.
Forbes further reports that the responsibility of distributing the cryptocurrency will fall on some of China’s biggest banks – Bank of China, Industrial and Commercial Bank of China, Agricultural Bank of China and China Construction Bank. China’s tech darlings such as Alibaba and Tencent and financial services firm Union Pay will also be among the first recipients of the state-backed cryptocurrency.
The report, which is based on sources who have previously worked with Chinese banks or the Chinese government, further states that the technology behind China’s upcoming state-backed crypto has been ready since 2018. The launch could be scheduled for November 11, the Chinese equivalent to the Black Friday shopping holiday.