Eight Institutions to Get China’s Digital Currency First

Forbes reported the news on Aug. 27. The sources named are Paul Schulte, who previously worked as head of the China Construction Bank, and an anonymous individual identified as part of China’s CBDC project.

According to Schulte, the first beneficiaries of China’s CBDC are Alibaba, Tencent, China Construction Bank, the Industrial and Commercial Bank of China, the Bank of China, the Agricultural Bank of China and Chinese banking association Union Pay.

According to sources, the People’s Bank of China is giving its first round of central bank digital currency (CBDC) to online retail giant Alibaba, Internet giant Tencent, five banking organizations and one unknown entity.

The first beneficiaries

The anonymous source reportedly confirmed that these seven entities will indeed be among the first to receive China’s CBDC, which they are calling DC/EP – an abbreviation for Digital Currency/Electronic Payments. However, there is apparently an unnamed eighth beneficiary who will also join this cohort of DC/EP handouts. Additionally, the source reportedly claimed that the technology was ready to ship, and that the DC/EP could roll out as early as Nov. 11.

These seven institutions will purportedly be responsible for dispersing the DC/EP tokens to China’s citizens and others participating in business with the renminbi – China’s official fiat money – per the unnamed source. Moreover, the source reportedly said that China’s central bank is keen on circulating the DC/EP tokens to buyers in the United States too, via correspondent banks, but not immediately.

DC/EP may arrive before Libra

As previously reported by Cointelegraph, China may issue its CBDC before Facebook rolls out Libra, per official sources. Moreover, a director at Renmin University of China, Yang Dong, claimed that Libra actually motivated the CBDC designers to involve non-governmental entities in the issuance process, as well as development.

‘New Normal Bottom Price for Bitcoin Is $10K,’ Says Advisory Group CEO

Nigel Green, the CEO and founder of financial consultancy firm deVere Group, says that the new normal bottom for Bitcoin price is $10,000.

BTC price holding $10K level for 3 months

London business news outlet LondonLovesBusiness reported on Aug. 27 that Green said:

“Looking at its performance this year, I believe that the new normal bottom price for Bitcoin is $10,000. It bounces at this price. If it fluctuates below this level, it shoots back up again. We have seen this in action on Monday when Bitcoin hit $10,500 in a matter of minutes.”

Earlier this month Green also noted that “Bitcoin can be expected to imminently reach $15,000.”

Global economic uncertainty among the reasons

The executive cited a few reasons for his prediction. Namely, the United States-China trade war, Brexit, technical network improvements, the 2020 Bitcoin halving and public awareness growth. He believes that investors will seek shelter in politically-neutral cryptocurrency like Bitcoin as it is showing to be one of the least correlated assets to the traditional markets.

This last belief is in line with what head of over-the-counter (OTC) sales at cryptocurrency exchange Kraken Nelson Minier recently said. More precisely, he noted that while Bitcoin is not yet a safe haven, some investors are already using it like one. He concludes:

“There is increasing global acceptance that cryptocurrencies, such as Bitcoin, are not only the future of money, but increasingly the money of today. This will be reflected in Bitcoin’s new normal bottom price of $10,000.”

As Cointelegraph reported in July, Green at the time said positive cryptocurrency regulation should form a central part of the post-Brexit United Kingdom.

Crunchbase estimates the annual revenue of the deVere Group to be $5 million.

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